As predicted here last month the Republican majority in the House has run away from their first promise, to cut $100 billion out of this years budget. I hate to say I told you so, but I told you so. The Republicans announced a cut of $32 billion against the benchmark of last years spending, including a hike in defense spending. Paul Ryan, the new Chair of the House Budget Committee, issued a bold statement announcing an end to profligacy.
House Budget Committee Chairman Paul Ryan (WI-01) today announced spending limits for the remainder of the current fiscal year, a significant step forward to cut government spending and help spur economic growth and job creation. The measure will bring non-security discretionary spending back to pre-stimulus, pre-bailout levels, as House Republicans called for in their Pledge to America. For the remainder of the current fiscal year, the measure will save $74 billion relative to President Obama’s budget request.
With respect to today’s effort to cut spending and spur economic growth, Chairman Paul Ryan issued the following statement:
“Washington’s spending spree is over. As House Republicans pledged – and voted to affirm on the House floor last week – the spending limits will restore sanity to a broken budget process and return spending for domestic government agencies to pre-stimulus, pre-bailout levels. Last year, House Democrats failed to pass, or even propose, a budget and the spending binge continued unchecked. After two consecutive trillion dollar budget deficits and with unemployment remaining unbearably high, we must chart a new course.
“The spending limit measure marks another step in House Republicans’ continued efforts to change Washington’s pervasive culture of spending. In one of our first acts in the new Majority, we voted to cut Congress’s own budget. We voted to cut trillions of dollars in new government spending by advancing a repeal of the President’s health care law. The President has asked for an increase in the national debt limit, but we must first work to enact serious spending cuts and reforms. Endless borrowing is not a strategy. Business as usual in Washington is not acceptable.
“House Republicans will continue to build upon this down payment, working to restrain the explosive growth of government and to help restart America’s engine of economic growth and job creation.”
The Chairman will establish this limit by filing a discretionary spending allocation when the U.S. House of Representatives returns to session next week. The measure will provide enforceable limits on discretionary spending bills for the remainder of the fiscal year until Congress adopts a budget resolution for Fiscal Year 2012.
Chairman Ryan could not even hit the $100 billion dollar mark when using the benchmark of the recommendations of the Obama Administration. Note how the Republicans moved the goalposts by utilizing the significantly higher benchmark of recommended spending by the President, rather than the CAMPAIGN PROMISE of utilization of last years actual spending. $32 billion in a trillion dollar budget is a real bold step by the new majority, eh????? This comes after reducing revenues by about $750 billion over ten years by pushing through tax cuts that were not paid for. So the Republican deficit machine continues to crank out red ink as far as the eye can see. Read the Washington Post story here.