WASHINGTON, D.C. – House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement today after the House of Representatives passed H.Con.Res 27, the Fiscal Year 2016 budget resolution – A Balanced Budget for a Stronger America:
“After an open and honest debate, the House of Representatives has passed a balanced budget that would hold Washington accountable, protect our nation, grow our economy, and empower individuals, families, job creators and our local communities. It repeals in full the onerous regulatory oppression of Obamacare so we can put in place patient-centered health care reforms that will expand access to quality, affordable health coverage. It is a budget that credibly addresses our fiscal and economic challenges so we can deliver real results for the American people.
“Right now, failed Washington policies are contributing to an unsustainable growth in the nation’s debt, stagnant wages for hard-working taxpayers and the worst economic recovery in the modern era. Our budget would build a stronger America by creating more opportunity, saving and improving Medicare and Medicaid, making government more efficient and effective and our tax code simpler and fairer. At the same time that we are balancing the budget – without raising taxes – so that we address the threat our debt poses to our national security, we are boosting defense spending so that our brave men and women in uniform have the vital resources they need to complete their missions.
“The House has endorsed an optimistic vision for America’s future. I am grateful for the hard work and dedication of my follow members on the House Budget Committee and my colleagues in the House for their invaluable contributions to this effort. We look forward to working with the Senate in the days and weeks to come to build a stronger and more secure future for America.” Read More
WASHINGTON, D.C. – House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement after the House Budget Committee passed the FY 2016 budget resolution, A Balanced Budget for a Stronger America:
“The House Budget Committee has taken a strong step forward in addressing the nation’s fiscal and economic challenges. The committee’s approval of our balanced budget proposal follows months of honest discussion and debate by our members in consultation with our colleagues in the House to put forth a package of positive solutions. Every member and their staff is to be commended for their hard work and dedication to this important endeavor.
“We know that a balanced budget will mean more opportunity and a healthier economy for hard-working American families. It will mean a more secure nation where we are able to provide our brave men and women in uniform the resources they need to complete their missions and defend our freedoms. By demanding Washington live within its means, we are forcing government to be more efficient, effective and accountable, providing our local communities the freedom and flexibility to improve the delivery of vital services and assistance to those in need, and saving and strengthening vital programs for America’s seniors.
“We look forward to bringing our budget to the Floor next week for consideration by the full House of Representatives under a rule that will address the concerns that have been raised about vital funding for our national security. This will give us the opportunity to advance our optimistic vision for America’s future where more Americans can realize their dreams, grow their businesses, provide for their families and contribute to the strength and vitality of our great nation.” Read More
Good morning and thank you to everyone for being here.
We meet today to consider the Fiscal Year 2016 budget resolution and I want to thank everyone who has been a part of developing these positive solutions to address our nation’s fiscal and economic challenges.
When we look at America today, we see a nation that is not living up to its economic or leadership potential. Too many of our neighbors are out of work or living paycheck to paycheck. Too many hardworking taxpayers are learning to do more with less while Washington is unwilling or unable to solve challenges with positive solutions.
We know we can do better and we must do better on behalf of the individuals, families and job creators all across this great country that get up every day and do their part to make our communities safe and strong.
The budget proposal we are considering here today is a plan to make Washington more efficient, more effective, and more accountable to those we serve – to create genuine opportunity and a healthier economy. Our plan honors our commitments to the American people so that we deliver real results.
First and foremost, we balance the budget. We achieve $5.5 trillion in savings over 10 years, eliminate annual deficits so we can begin to pay down the debt and avoid the fiscal crisis that is threatening our nation’s future.
This is not just some accounting exercise. Remember: every dollar paid in taxes and every dollar borrowed by Washington is a dollar that can’t be used by the people of this great country to buy a car, pay the rent, send a child to college or technical school, buy a house, or expand a business. Getting our debt under control will create meaningful and measureable results that will benefit every American. A balanced budget means a healthier economy where folks can have more confidence and certainty in the future. It means we avoid an out-of-control growth in the nation’s debt, in interest payments on that debt which by themselves will swallow critical spending priorities. We avoid future tax increases and true austerity measures that would harm families and job creators.
Our budget sets forth positive solutions to save, strengthen and secure programs like Medicare and Medicaid so they can actually deliver on the commitments that have been made to the American people.
In our budget, we ensure we are meeting our responsibility to provide for the defense of our nation – so we have a stronger, safer and more secure America. The brave men and women who protect our freedom need the resources to complete their missions. This budget honors our commitment to them, their families and to the veterans whose proud legacy they carry with them.
In a dangerous world, a future fiscal crisis would make the job of protecting and defending the American people that much more difficult. The former Chairman of the Joint Chiefs of Staff Admiral Mike Mullen has called our debt “the single, biggest threat to our national security.” That’s a threat our budget aims to defeat head-on. There can be no national security without economic security.
As we all know, too often Washington focuses on short-term political considerations rather than real problem solving – where rhetoric takes the place of real results. In our budget, we take an honest look at our vital government commitments – whether it is seniors on Medicare or veterans who have served this nation with honor and distinction – and we make sure that promises are kept and real results are achieved.
When it comes to controlling spending, we do not ask the American people to bail out Washington with higher taxes and more debt. We take our responsibilities seriously and genuinely address the drivers of the debt.
Our budget puts a premium on accountability, efficiency and effectiveness in all areas of the federal government. We streamline government functions and regulatory authority to stop taxpayer dollars from being wasted on programs that are not working.
We also acknowledge that the best ideas do not come from Washington. Year after year, we see more power concentrated in Washington where decisions are made with a one-size-fits-all approach.
America is a diverse nation. Our cities, states and local communities know best how to develop solutions that will best serve their people. Our budget realigns the relationship the federal government has with states and local communities by respecting and restoring the principle of federalism. From health care to education, states will be empowered to create their own solutions, free of onerous Washington mandates or overregulation.
This plan, A Balanced Budget for a Stronger America, is a blueprint for how we solve our nation’s fiscal and economic challenges. The success of these ideas is dependent on the courage and common sense of policymakers to break away from the failed policies of the past and pursue a new course. We are ready to turn these words into actions and produce real results for the American people.
Again, I appreciate very much the diligent work of the members of our committee and their staffs on this important endeavor, and I look forward to an open, honest and productive conversation here today. Read More
WASHINGTON, D.C. – House Budget Chairman Tom Price, M.D. (GA-06) issued the following statement today after the House Budget Committee introduced its Fiscal Year 2016 budget proposal, A Balanced Budget for a Stronger America:
“Today, our nation faces tremendous fiscal and economic challenges and, if nothing is done, a future of less opportunity and low expectations. The proposal that the House Budget Committee has introduced today – A Balanced Budget for a Stronger America – is a plan to force Washington to start tackling these challenges with positive solutions. It is a plan that balances the budget in less than ten years, secures and strengthens vital programs – like Medicare – provides our military men and women with the resources they need to protect American families, and would make Washington more efficient, effective and accountable to hard-working taxpayers. In this budget, we have embraced the innovative spirit of the American people by putting forth policies that can deliver real results and that empower individuals, families, job creators and our communities to build a stronger more secure future.”
• Balances the budget in less than 10 years without raising taxes, in contrast to the President whose budget never balances
• Cuts $5.5 trillion in spending – higher than any previous House Budget Committee proposal
• Calls for a fairer, simpler tax code to promote job creation and a healthy economy
• Places the country on a path to paying off the debt by growing the economy and making government more efficient, effective and accountable
• Calls on Congress to pass a balanced budget amendment to the Constitution Repeals Obamacare
• Repeals Obamacare in full – including all of its taxes, regulations and mandates
• Promotes freedom of choice, affordability, and patient-centered health care solutions
• Eliminates IPAB, an unelected, unaccountable board of bureaucrats charged with making coverage decisions on health care
Ensures a Strong National Defense
• Provides for a strong national defense through robust funding of troop training, equipment and compensation
• Boosts defense spending above the president’s levels while putting in place a plan to responsibly address the current spending caps and the threat of sequester
Secures Our Future
• Ends the Obamacare raid on Medicare
• Strengthens Medicare by making structural improvements to save the program
• Eliminates the “double dipping” of Disability Insurance and Unemployment Insurance
• Prevents the president’s plan to raid the regular Social Security Trust Fund
• Rejects the notion that Washington knows best and devolves power back to the states
• Promotes innovation and flexibility for Medicaid, nutrition assistance, education and other programs
Cuts Waste, Corporate Welfare and Improves Accountability
• Cuts waste, eliminates redundancies and ends the practice of Washington picking winners and losers in our economy
• Calls for reforms to the regulatory system to improve transparency, efficiency, effectiveness and accountabilityRead More
By Tom Price
Chairman of the House Budget Committee
March 17, 2015 Permalink
At the core of America's character lies a founding belief that we as a people ought to always strive to build a better, more innovative, open and free society. When we look at America today, we see a nation that is not living up to its economic or leadership potential, and the reason why has nothing to do with the quality and character of the American people. Rather, Washington has been unable or unwilling to tackle big challenges with positive solutions.
That's unacceptable, and it is why Tuesday we are introducing "A Balanced Budget for a Stronger America." It's a plan to create jobs and restore fiscal discipline in Washington by empowering individuals, families, businesses and our local communities with the freedom and flexibility to build a healthier economy.
First and foremost, we balance the federal budget in less than ten years by reducing spending by $5.5 trillion — without accounting gimmicks or higher taxes. This puts us on a path to pay down the national debt. This is in stark contrast to President Obama's budget proposal which never, ever balances despite trillions in tax increases.
Our goal is not merely to make Washington live within its means. It is to lift the cloud of uncertainty that is hanging over our economy. We know that job creators and future entrepreneurs see today's large debt levels as tomorrow's likely tax hikes, interest rate increases, and inflationary pressures. Through policies like fundamental tax reform, expanded energy production and the streamlining or outright elimination of unnecessary regulations, our budget would create an environment where folks can plan for the future with greater confidence and optimism.
WASHINGTON, D.C. – Today, the Congressional Budget Office (CBO) released its analysis of the president’s Fiscal Year 2016 budget. In its review, CBO affirms that the president’s budget never, ever balances. It includes a $547 billion spending increase, a $1.8 trillion tax increase and at the end of the decade in 2025, the annual deficit would be over $800 billion.
In response to CBO’s analysis, House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement:
“CBO’s analysis of the president’s budget confirms that it is not a serious proposal to solve our nation’s fiscal and economic challenges. Instead, the president continues to rely on job destroying tax hikes to fuel more reckless spending in Washington. And despite taking over a trillion dollars more out of the pockets of hardworking Americans, the president’s budget will add an additional $6.7 trillion to the national debt over the next ten years and never, ever balance. His policies and the debt they create are standing in the way of a healthier economy and degrading the American people’s trust in the ability of policymakers to tackle tough challenges.
“Soon House Republicans will release a balanced budget that embraces America’s innovative spirit to grow our economy and make the responsible decisions needed to reform government so it is more efficient, effective and accountable to American taxpayers. We will put forward solutions that will truly address our nation’s fiscal and economic challenges and deliver real results.”
WASHINGTON, D.C. – House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement today after Dr. Keith Hall was appointed to serve as the next Director of the Congressional Budget Office (CBO):
“Keith Hall will bring an impressive level of economic expertise and experience to the Congressional Budget Office. Throughout his career, he has served in both the public and private sector, under presidents of both parties, and in roles that make him well-suited to lead the CBO. In particular, during his time at the U.S. International Trade Commission, Dr. Hall has worked on providing Congress with non-partisan economic analyses – a role similar to the responsibilities he will now assume as CBO director. His vast understanding of economic and labor market policy will be invaluable to the work of CBO and the important roll it will continue to play as Congress seeks to enact policies that support a healthy and growing economy.”
Dr. Hall’s term as CBO Director will begin April 1, 2015. Until that time, Dr. Douglas Elmendorf will continue to serve as director. Chairman Price issued the following statement thanking Director Elmendorf for agreeing to extend his time at CBO:
“Director Elmendorf has earned our respect and appreciation for his service as director of the Congressional Budget Office. He has shown a tireless commitment to the work of the CBO and to the important role it plays in Congress’ debates over fiscal and economic policy. I’m particularly grateful for his willingness to continue serving as director after his term has expired and through the end of March as the House and Senate Budget Committees are hard at work building our budget proposals.”
Background on Dr. Keith Hall:
Dr. Hall has served in various governmental advisory and analytical roles at the White House, the Department of Treasury and Department of Commerce, as well as the International Trade Commission where he currently serves as Chief Economist. From 2008 to 2012, he was the Commissioner of the Bureau of Labor Statistics under both President George Bush and President Barack Obama. In addition to his public service, Dr. Hall has been a senior research fellow at George Mason University’s (GMU) Mercatus Center and as a professor at GMU, Georgetown University, George Washington University, American University, University of Arkansas, and University of Missouri. His public and private work and research has focused on labor market policy, trade policy and regulatory policy. Hall received his B.A. in Economics and Psychology from the University of Virginia, a M.S. in Economics from Purdue University, and his Ph.D. in Economics from Purdue University.
WASHINGTON, D.C. – On Wednesday, February 25, the House Budget Committee will hold a Members’ Day hearing for members of the House of Representatives to testify before the Committee on their suggested policies and priorities for the Fiscal Year 2016 budget. House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement encouraging fellow members to participate and provide their input and ideas:
“Building a responsible, balanced budget is a serious challenge but also a basic responsibility of Congress. That is why it is important that all members of the House of Representatives have the opportunity to contribute to the conversation and to play a part in the process. The House Budget Committee is interested in hearing the unique and diverse perspectives of our fellow members. We encourage our colleagues to participate, and we look forward to ultimately presenting a budget that addresses our fiscal challenges and promotes a healthy economy for hard-working American families.” Read More
Good morning, everyone, and thanks for being here today.
As we discussed in last week’s hearing with the CBO director, there is no question our nation is on a fiscal and economic path that is unsustainable. Our national debt has topped $18 trillion and is growing ever larger. Vital programs that folks rely on are heading toward insolvency. And our economy isn’t growing nearly as fast as it should be. If we maintain this status quo, we’re going to have a future of less opportunity and less security for the American people.
So, it’s clear we need to move in a different direction and that requires new ideas that can actually deliver real, positive results. Unfortunately, what the president has proposed in his budget fails on many levels to solve the challenges we face.
Director Donovan, thank you for being here today. I look forward to your testimony and explanation of the president’s reasoning behind his budget proposal, because, to be honest, my colleagues and I, on this committee, have serious concerns with what the president has put forward.
A lot of what we have here in the president’s budget is just more of the same policies that have been tried over the past few years and have led us to our current state of high, and soon to be rising again, deficits and an underperforming economy. The president is proposing a $2.1 trillion tax increase and a $2.4 trillion spending increase. He’s suggesting that Washington ought to take more from American families and job creators in order to spend more in Washington. That’s a formula that hasn’t worked in the past, and it’s not going to start working now. Every dollar that is taken from Americans in taxes – and every dollar borrowed – is a dollar that can’t be spent on – paying for your kid’s education, buying a car, paying your rent, paying your mortgage, buying a house. All the things the American people want to do – are made more difficult, because of the president’s budget.
Despite the president’s massive tax increases, his budget never balances – ever. The president is saying we should keep spending more money that we don’t have and leave the serious problem of our growing debt to someone else or some other day. $8.5 trillion will be added to the debt over the next ten years and the president seems content to do little about it. Even more disturbing is the fact that the president is once again just ignoring the challenges in our retirement programs and leaving current and future generations to fend for themselves when these programs eventually collapse. Isn’t that just doing nothing and breaking the promise to today’s seniors and tomorrow’s retirees?
In order to increase spending across the board, the president’s budget would unravel bipartisan agreements that have secured a modicum of spending restraint in recent years. We can all agree that there are smarter ways to control spending and get our fiscal house in order, but the president is not proposing a smarter way to restore fiscal responsibility. He’s just abandoning the effort.
At the end of the day, a proposal that never balances and ignores key drivers of the nation’s debt is not a serious plan. And to make matters worse, the president’s proposal is filled with $1 trillion in budget gimmicks like phony war savings, and several un-paid-for extensions of current law including the “doc fix,” stimulus-era tax credits. The American people are looking for credible solutions not misleading assumptions and questionable accounting. Hard-working taxpayers deserve nothing less. They deserve our best effort.
Starting with his State of the Union address, the president has sought to repackage his old ideas under a new slogan – “middle class economics.” Unfortunately, it’s the middle class that is being harmed by these policies with wages stagnating, businesses facing barriers to growth and opportunity, and more tax dollars being taken out of the pockets of Americans and wasted away in Washington.
Director Donovan, thank you again for joining us today. It’s clear we have differences of opinions, but I look forward to hearing your testimony today – and I hope and pray we will work – together – to find honest solutions to the remarkable challenges we face.
I now yield to the ranking member, Mr. van Hollen. Read More
WASHINGTON, D.C. – Today, the White House released President Obama’s budget request for Fiscal Year 2016 – a proposal that never balances and includes a $2.4 trillion spending increase, a $2.1 trillion tax increase and adds $8.5 trillion to the national debt. House Budget Committee Chairman Tom Price, M.D. (GA-06) and Senate Budget Committee Chairman Mike Enzi (R-WY) issued the following joint statement in response:
“Our nation is on a fiscal and economic path that is simply unsustainable. Failed policies and stale thinking in Washington are contributing to a growing mountain of debt and an underperforming economy. That’s why it’s so disturbing that President Obama has submitted yet another budget proposal that is focused on the same tired agenda that has failed to deliver for American families. The president is advocating more spending, more taxes and more debt. As we have seen over the past several years, that approach will yield less opportunity for the middle class and a crushing burden of debt that threatens both our future prosperity and our national security. A proposal that never balances is not a serious plan for America’s fiscal future. Especially when we have to borrow money just to afford the programs we already have.
“The president is required by law to submit a budget proposal. It is a suggestion and a wish list, but the budget of Congress sets the outline of spending for the coming year. We will work with our colleagues to make sure it is complete, on-time, and balanced within the next ten years.
“We are ready to move past the new normal of President Obama’s budget and in a new direction. We want to make government more efficient and accountable to hard-working taxpayers by lifting the regulatory burden on families and job creators, and by embracing the innovative spirit that drives American entrepreneurship and success. This is how we as a nation can lay the foundation for a healthy economy and a responsible federal budget.”
Key Facts: The President's FY 2016 Budget
• Despite $2.1 trillion in new tax increases, President Obama’s budget never balances—ever.
• Major proposed tax increases include higher levies on savings and investment, small businesses, and increases in the costs of hiring workers.
• These tax hikes would stunt the economic growth needed to get Americans back to work, and come on top of $1.7 trillion in tax hikes already imposed by this Administration.
• The President’s budget increases annually-appropriated spending for next year by $74 billion relative to current law. Over 5 years, he would increase such spending by $322 billion.
• Next year alone, the President’s budget would grow total federal spending by $259 billion, or 7 percent.
• Total spending will increase by 65 percent ($2.4 trillion) in 10 years under the President’s plan.
Interest Costs Skyrocket
• President Obama’s plan more than triples interest costs, which remain the fastest growing item in the budget.
• Interest on the debt this year would be $229 billion, but would rise to $785 billion in 2025 under his plan.
• At the end of President’s plan, annual interest costs would be larger than his proposed spending for national defense, Medicaid or the combined total of all non-defense agency spending.
• Since 2009, we’ve added $7.5 trillion to the debt and spent $21.1 trillion.
• The President’s budget plan would add $8.5 trillion to the debt.
• Cumulative deficits would amount to $5.7 trillion, and gross debt would climb to $26.3 trillion in 2025. Read More