CHARGE: “The President’s budget, if enacted would bring total deficit reduction to over $1.8 trillion over ten years.” (White House FY ’14 Budget Talking Points & Press Background, The White House, April 5, 2013)
RESPONSE: Once you get past all the gimmicks the President’s budget only reduces the deficit by $119 billion over the next decade. Despite White House posturing and creative accounting, the actual deficit reduction is not even close to what they are saying.
It is no surprise that the number the President claims is not accurate. While continuing to call for deficit reduction throughout his first term, President Obama gave us record deficits.
CHARGE: The President’s budget to be presented on Wednesday will show how we can invest in the things we need to grow our economy, create jobs and strengthen the middle class while further reducing the deficit in a balanced way.” (White House FY ’14 Budget Talking Points & Press Background, The White House, April 5, 2013)
RESPONSE: The fact is President Obama’s budget will never balance and keeps the country on an unsustainable path of never ending deficits. The House Republican budget has cuts and reforms with the goal of a balanced budget in a decade A balanced budget will foster a healthier economy, create more jobs, and put more money in Americans’ pockets.
• “The spending restraint and balanced-budget parts of the House Budget Committee plan would boost the economy immediately.” (How the House Budget Would Boost the Economy, Wall Street Journal, John F. Cogan and John B. Taylor, March 18, 2013)
• The entire plan would raise gross domestic product by one percentage point in 2014, equivalent to about a $1,500 increase for each U.S. household. Ten years from now, at the end of the official budget horizon, we estimate that the entire plan would raise GDP by three percentage points, or more than $4,000 for each U.S. household. (How the House Budget Would Boost the Economy, Wall Street Journal, John F. Cogan and John B. Taylor, March 18, 2013)
• The House GOP Budget would add 500,000 jobs next year and 1.7 million jobs over ten years. (How the House Budget Would Boost the Economy, Wall Street Journal, John F. Cogan and John B. Taylor, March 18, 2013)
CHARGE: “The things like CPI…will only be accepted if Republicans are willing to do more on revenues.” (White House FY ’14 Budget Talking Points & Press Background, The White House, April 5, 2013)
RESPONSE: The President just got his tax hikes on January 1st. While Medicare and Social Security are going bankrupt, the President is holding hostage any reforms to save our senior safety nets for tax hikes on hardworking Americans.
• The news in the most recent Social Security Trustees’ annual report released wasn’t good—the Trustees now project that the old age and disability trust funds combined will be unable to pay full benefits in 2033, three years sooner than projected in last year’s report. (Will Social Security Be There For Your Retirement?, Forbes, Janet Novack, April 23, 2012)
• Medicare is not sustainable in its current form. It costs too much even as the quality of care it provides falls well short of what seniors deserve. The Congressional Budget Office estimates that Medicare’s costs will reach $1.09 trillion in 2023, up from $551 billion in 2012. (To save Medicare, change the model, USA Today, James C. Capretta, March 11, 2013)
• Obama’s budget, which will be released Wednesday, asks for tax increases in exchange for entitlement reform. (Obama’s proposed budget angers liberals, Washington Post, Rachel Weiner, April 5, 2013)