House Republicans today released the "Republican Road to Recovery," an 18-page booklet specificying the steps they will take to find economic prosperity again. The press conference unveiled a long awaited plan from Budget Committee leadership.
House Leader John Boehner kicked things off, offering the chapter by chapter plan as an alternative to the Obama plan of constant overspending. Chapter one covers ways to curb spending by limiting the federal budget from growing faster than family budgets, and providing universal access to healthcare and secure entitilements. Chapter two is a plan to create jobs and lower taxes by keeping energy and fuel costs low whie consistently lowering taxes on all Americans. Chapter three aims to control the debt by ending bailouts, reforming the financial system and keeping the cost of living low.
In a press release after the conference, Boehner said, "The President’s budget will hurt the economy and destroy jobs. By contrast, our Road to Recovery plan will strengthen the economy, create jobs, and restore fiscal sanity in Washington."
In addition to Boehner, House Minority Whip Eric Cantor, Conference Chairman Mike Pence, Budget Ranking Member Paul Ryan, Conference Vice-Chair Cathy McMorris Rodgers, Rep. David Dreier and Rep. Pete Sessions spoke as well. All the attending members were in agreement with the message for more fiscal discipline in government.
Each goal is laid out in the booklet with specific steps toward making it a reality. Here is just a snapshot of the explicit details outlined within the plan:
On entitlement reform: "Republicans support leveling the playing field through politicis that will provide tax incentives for illions more working families and small business owner to obstain access to coverage."
On tax solutions: "Republicans propose a simple and fair tax code with a marginal tax rate for income up to $100,000 of 10% and 25% for any income thereafter, with a generous standard deduction and personal exemption."
On cost-of-living: "Republicans support amending the Humphrey-Hawkins Full Employment Act, which currently diverts the Fed's attention from long term price stability to short term economic growth."
On ending bailouts: "Our plan supports a process to address insolvent institutions that stops throwing good money after bad into failing institutions and places insolvent ones into temporary receivership." [In depth process for this is printed in booklet.]
“The American people don't want more spending, more government, and more bailouts. They don't want to see this President's budget result in, as CBO projected, nearly $1 trillion in annual deficits for the next 10 years," said Pence in a statement. "Today, Republicans will continue to offer better solutions, unveiling today a blueprint for recovery that's built on fiscal discipline, growth and reform. Let the debate begin.”