House Majority Whip Kevin McCarthy (R-CA) has unveiled some very interesting 2012 proposed budgetary numbers here. His report includes comparisons between the GOP proposal of around $6.2 trillion in cuts and the addition of $9 trillion in new deficits under President Obama’s budget proposal. That is a difference of a total of over $15 trillion dollars folks. Among the most notable items were the following:
House GOP Will Cut $6.2 Trillion In Federal Spending, Reducing Deficits By $4.4 Trillion. “Our budget, which we call The Path to Prosperity, is very different. For starters, it cuts $6.2 trillion in spending from the president’s budget over the next 10 years, reduces the debt as a percentage of the economy, and puts the nation on a path to actually pay off our national debt.
President Obama’s FY2012 Budget Would Generate More Than $9 Trillion In Deficits. “The nonpartisan agency said today the administration’s plan would generate $9.5 trillion in deficits between 2012 and 2021, compared with the $7.2 trillion forecast last month by the White House budget office.
That looks like the Whitehouse budget office just forgot to count about $2.3 trillion in additional spending deficits there, which is inexcusable, to say the least. That must be another example of that liberal math Americans are having force-fed to them at an ever-increasing rate under the current Obama administration today.
DEBT: Reductions In Debt As Portion Of Economy Vs. “Dangerously High” Levels Of Debt:
House GOP Will Reduce The Debt As A Portion Of The Economy. “For starters, it cuts $6.2 trillion in spending from the president’s budget over the next 10 years, reduces the debt as a percentage of the economy, and puts the nation on a path to actually pay off our national debt.
According To The Nonpartisan CBO, President Obama’s Budget Will Drive Debt To A “Dangerously High 87 Percent” Of GDP. “That means that by the time 2021 arrives, the portion of the debt held by investors and foreign countries will reach a dangerously high 87 percent.
When .87 cents of every dollar taken in by the federal government goes to pay off our debt, that only leaves .13 cents out of every tax dollar to try to keep the government operating. I believe that U.S. bankruptcy sums that scenario up fairly well, and also will lead to what is the now-infamous saying of shutting down the government there. Common sense dictates that Obama’s proposed budget will bankrupt America.
Last but certainly not least in McCarthy’s budget report is the fact that Obama wants to raise taxes to pay for years of deficit spending, while the GOP wants to do just the opposite, and lessen the tax burden to open up job creation, which will result in our federal revenues increasing, as has been proven to be the case throughout our history.
House GOP Will Reform The Tax Code And Lower Top Individual And Corporate Rates To 25 Percent. “This budget would focus on growth by reforming the nation’s outdated tax code, consolidating brackets, lowering tax rates, and assuming top individual and corporate rates of 25%. It maintains a revenue-neutral approach by clearing out a burdensome tangle of deductions and loopholes that distort economic activity and leave some corporations paying no income taxes at all.”
President Obama’s FY2012 Budget Contains $1.5 Trillion In Tax Hikes. “The budget calls for $1.5 trillion in tax increases over the next 10 years, with the bulk of that coming from allowing former President George W. Bush’s tax cuts for couples earning more than $250,000 to expire.
We are sure to hear that the GOP has no budget plan for specific cuts in government spending, but the above information proves that to be false rhetoric, nothing more. Keep in mind that we also have yet to see even a hint of a budget proposal from the democrats at this time. Of course, that fits their pattern of last year when they couldn’t be bothered to even propose a budget, let alone justify the trillions in deficits they ran up during the last four years of total Democratic rule of Congress. As they say, there is always truth in numbers, and the truth here is that the irresponsible deficit spending of the last decade has America teetering on the brink of bankruptcy. Will the GOP-led House save us from the most recent and current democratic deficit spending, or will Harry Reid and the still Democratically controlled U.S. Senate finish off what is left of the U.S. economy by blocking the GOP budget plan for 2012 ?
**All of the above information is referenced in the original link included in the first paragraph of this article.