Congressional Budget Office Releases Analysis of President’s Budget FULL TEXT

President’s Irresponsible Budget Even Worse than Advertised. Congressional Budget Office Releases Analysis of President’s Budget. Preliminary Analysis of the President's Budget for 2012 FULL TEXT in PDF FORMAT

Washington – The President’s budget, with annual deficits averaging nearly $1 trillion over the next decade, was revealed to be far worse than initially advertised according to a report released today by the Congressional Budget Office [CBO]. Federal spending runs at record post-war levels, never falling below 23 percent of gross domestic product [GDP]. Cumulative deficits are $2.3 trillion higher over 10 years under the CBO estimates than the White House projected, and the debt increase is $1.8 trillion greater over the same period.

House Budget Committee Chairman Paul D. Ryan made the following statement about the report:

“The Congressional Budget Office’s report exposes the widening gulf between the President’s rhetoric and his budget’s reality. Simply put, the President’s budget spends too much, taxes too much, and borrows too much – and it continues to heap an unsustainable burden of debt on American families, today and in the future. The President’s budget never reaches ‘primary balance,’ meaning that it fails to clear even the low bar the Administration set for itself in justifying its claims of sustainability.

“With this irresponsible budget proposal, the President has shown a discouraging lack of leadership with respect to our fiscal challenges. His budget completely ignored the recommendations of his own Fiscal Commission, refusing to seriously advance any of their major proposals for reining in the runaway spending in our major entitlement programs.

“In the weeks ahead, the House Budget Committee will lead where the President has failed. In sharp contrast to the empty promises and diminished future offered by the President’s budget, we will chart a path to real security and a prosperous future. The American people demand – and deserve – honest leadership on our greatest fiscal and economic challenges.”

Spending: $3.7 trillion in spending this year, 24.3 percent of GDP (highest since World War II) $46.2 trillion in spending over the decade

Taxes: $1.5 trillion tax increase on families, small businesses, and job creators, Federal taxes reach 19.3 percent of GDP in 2021

Deficits and Debt: $1.2 trillion deficit in fiscal year 2012, a record fourth straight deficit exceeding the trillion-dollar mark. More than doubles the debt by 2016 compared with the President’s first year in office, and nearly triples the debt by 2021

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Contact: Conor Sweeney 202-226-7270

TEXT and IMAGE CREDIT: HouseBudgetCommittee U.S. House of Representatives 207 Cannon House Office Building, Washington, DC 20515

Statement by Speaker Boehner on Libya

Speaker Boehner meets with Gen. David Petraeus in his Capitol Hill office. March 17, 2011.

WASHINGTON, DC (Mar 20) House Speaker John Boehner (R-OH) issued the following statement on the situation in Libya: “The United States has a moral obligation to stand with those who seek freedom from oppression and self-government for their people. It’s unacceptable and outrageous for Qadhafi to attack his own people, and the violence must stop.

“The President is the commander-in-chief, but the Administration has a responsibility to define for the American people, the Congress, and our troops what the mission in Libya is, better explain what America’s role is in achieving that mission, and make clear how it will be accomplished. Before any further military commitments are made, the Administration must do a better job of communicating to the American people and to Congress about our mission in Libya and how it will be achieved.”

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TEXT CREDIT: Speaker of the House John Boehner Contact H-232 The Capitol Washington, DC 20515 P (202) 225-0600 F (202) 225-5117

IMAGE CREDIT: SpeakerBoehner