This morning, will introduce a serious budget that cuts $6.2 trillion in spending from President Obama's budget over the next 10 years. The Republicans' "Path to Prosperity," budget also reduces the national debt as a percentage of the economy, brings federal spending in line with the postwar average below 20% of gross domestic product, and reduces deficits by $4.4 trillion.
In the following video, Congressman Paul Ryan, chairman of the House Budget Committee, presents a visualization contrasting the impact of the House Republicans' budget, "The Path to Prosperity," to the impact of Obama's so-called "Winning the Future" budget, more commonly known as "WTF."
In today's Wall Street Journal, Congressman Paul Ryan, explains that Obama's WTF budget accelerates America's descent into a debt crisis:
- Obama's WTF budget doubles the national debt held by the public by the end of his first term and triples it by 2021.
- Obama's WTF budget imposes $1.5 trillion in new taxes.
- Under Obama's WTF budget spending never falls below 23% of the economy.
- Obama's WTF budget permanently enlarges the size of government.
- Obama's WTF budget offers no reforms to save government health and retirement programs.
In contrast to Obama's WTF budget, the House Republican Path to Prosperity reduces spending to below 2008 levels, reforms the Medicare and Food Stamps welfare programs, and reforms Social Security and the tax code.
According to the Heritage Center for Data Analysis the Path to Prosperity will spur economic growth by helping to create nearly one million new private-sector jobs next year, bringing the unemployment rate down to 4% by 2015, and result in 2.5 million additional private-sector jobs in the last year of the decade.
As we debate the benefits of the House Republicans' Path to Prosperity budget versus Obama's WTF budget, lets also consider just how broke we already are.
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