March 29, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement responding to the House of Representatives passage of the budget proposed by House Budget Committee Chairman Rep. Paul Ryan:
"The House has made a small step in the right direction, adopting a budget that will reduce deficits to just $166 billion by 2018, a fraction of the current trillion dollar deficits we see every year from the Obama Administration. It would actually result in net cuts to the budget in 2013 and 2014 by $94 billion and $54 billion, respectively.
"However, it may be too little, too late, to save the nation from flying off the cliff of insolvency.
"Spending will still rise after cuts in the first two years. According to the Congressional Budget Office, the budget will not be balanced until 2040 under this plan. The debt under this proposal will still rise to a staggering $21.8 trillion by 2022. It could even be worse than that, as the House budget relies on governmental economic projections that, if they prove too rosy, could have the debt rising as high as $26 trillion.
"While the House is to be praised for offering a proposal that is relatively better than Obama's, that is not the measure of good policy. The fact is, this would still increase the debt by more than $5 trillion over 10 years, compared with Obama's plan to increase it by $10 trillion. I am concerned that this is the equivalent of driving off the cliff at 60 miles an hour instead of the current 80 miles an hour."
To view online: http://getliberty.org/content.asp?pl=10&sl=5&contentid=864
Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please call us at 703-383-0880 or visit our website at www.GetLiberty.org.