In today’s Wall Street Journal, Paul Ryan outlines the new GOP Budget Proposal, set to be unveiled today.
Congress is currently embroiled in a funding fight over how much to spend on less than one-fifth of the federal budget for the next six months. Whether we cut $33 billion or $61 billion-that is, whether we shave 2% or 4% off of this year’s deficit-is important. It’s a sign that the election did in fact change the debate in Washington from how much we should spend to how much spending we should cut.
But this morning the new House Republican majority will introduce a budget that moves the debate from billions in spending cuts to trillions. America is facing a defining moment. The threat posed by our monumental debt will damage our country in profound ways, unless we act.
No one person or party is responsible for the looming crisis. Yet the facts are clear: Since President Obama took office, our problems have gotten worse. Major spending increases have failed to deliver promised jobs. The safety net for the poor is coming apart at the seams. Government health and retirement programs are growing at unsustainable rates. The new health-care law is a fiscal train wreck. And a complex, inefficient tax code is holding back American families and businesses.
Elections have consequences.