Tags: ryan | budget | plan | 2023

Paul Ryan: Budget Plan Balances Budget in 2023

By Paul Scicchitano   |   Monday, 11 Mar 2013 09:53 PM

House Budget Committee Chairman Paul Ryan said that the U.S. can seemingly have it all — a balanced budget, 3.4 percent increases in government spending each year, and no new taxes over the next 10 years.

In an op-ed published in The Wall Street Journal on Monday, Ryan pointed to America’s $16 trillion national debt, President Obama’s missed budget deadlines in four of the past five years, and the refusal of Washington to “tackle the drivers of the nation’s debt — or simply to write a budget” as evidence of a broken budget process.

“On Tuesday, we're introducing a budget that balances in 10 years — without raising taxes," Ryan penned. “How do we do it? We stop spending money the government doesn't have. Historically, Americans have paid a little less than one-fifth of their income in taxes to the federal government each year. But the government has spent more.”

Latest: Should ObamaCare Be Repealed? Vote in Urgent National Poll

He said that House Republicans plan to repeal President Obama’s costly Obamacare, and deliver a budget that the nation can afford to “promote a healthier economy and help create jobs.”

According to the Wisconsin Republican and former GOP vice presidential candidate, the nation’s spiraling debt is a sign of Washington overreach.

“Government is trying to do too much, and when government does too much, it doesn't do anything well,” he wrote. “So a balanced budget is a reasonable goal, because it returns government to its proper limits and focus. By curbing government's overreach, our budget will give families the space they need to thrive.”

He said that “the other side” will warn of a potential relapse into recession “just as they predicted economic disaster when the budget sequester hit.” But in reality, a balanced budget will help the economy, he said.

“We must take action now,” Ryan explained. “Our budget will expand opportunity in major areas like energy. It will protect and strengthen key priorities like Medicare. It will encourage social mobility by retooling welfare. It will fix the broken tax code to create jobs and increase wages.”

He said that the U.S. has the world’s largest natural gas, oil and coal reserves — “yet the administration is buying up land to prevent further development.” The GOP-led House initiative would open up those lands for development and approve the Keystone XL pipeline.

With respect to the president’s signature healthcare initiative, Ryan said that the House proposal will protect and strengthen Medicare.

“I want Medicare to be there for my kids—just as it's there for my mom today. But Medicare is going broke,” he acknowledged. “Under our proposal, those in or near retirement will see no changes, and future beneficiaries will inherit a program they can count on. Starting in 2024, we'll offer eligible seniors a range of insurance plans from which they can choose — including traditional Medicare — and help them pay the premiums.”

In addition, Ryan said that the House initiative includes welfare reform and tax reform.

“After the welfare reforms of 1996, child poverty fell by double digits. This budget extends those reforms to other federal aid programs,” he said. “It gives states flexibility so they can tailor programs like Medicaid and food stamps to their people's needs. It encourages states to get people off the welfare rolls and onto payrolls.”

Ryan described the U.S. tax code as a “Rubik’s cube” that costs Americans billions of hours and $160 billion each year trying to solve.

“The U.S. corporate tax is the highest in the industrialized world,” he said. “So our budget paves the way for comprehensive tax reform. It calls for Congress to simplify the code by closing loopholes and consolidating tax rates. Our goal is to have just two brackets: 10 percent and 25 percent.”

Saying that “Washington owes the American people a balanced budget,” Ryan noted that the recent debt-ceiling agreement forced Senate Democrats to finally write a budget this year.

“I hate to break the suspense, but their budget won't balance — ever. Instead, it will raise taxes to pay for more spending,” according to Ryan. “The president, meanwhile, is standing on the sidelines. He is expected to submit his budget in April — two months past his deadline.”

Ryan insists that the Republican approach makes sense for the country.

“We're offering a credible plan for all the country to see,” he added. “We're outlining how to solve the greatest problems facing America today. Now we invite the president and Senate Democrats to join in the effort.”

Latest: Should ObamaCare Be Repealed? Vote in Urgent National Poll

© 2015 Newsmax. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved