Jordan Introduces Balanced Budget Alternative
May 13, 2009
Congressman Jim Jordan (R-Urbana) today introduced a fiscally-responsible, balanced budget alternative to what he called the big-spending proposal set forth by President Barack Obama and Congressional Democrats.
Jordan, a member of the House Budget Committee and Chairman of the Republican Study Committee Budget and Spending Task Force, said that there are two fundamental differences between the plans. First, Jordan said that his budget is balanced, while the Obama budget would double the national debt to $23 trillion. Second, Jordan's budget does not increase taxes, while the Obama budget would increase taxes on income, marriage, energy and charitable donations.
"Today's economy is forcing families and businesses across Ohio to tighten their belts and make tough choices," said Jordan. "Why shouldn't the federal government have to make tough choices and prioritize its spending? It is an insult to the people we represent that Congress cannot balance its budget just like regular Americans balance theirs."
To reach balance, Jordan's budget eliminates all Congressional earmarks and reduces or eliminates funding for over 150 federal programs that have been determined by the General Accounting Office (GAO) to be an ineffective use of taxpayer dollars. Next, it asks most federal agencies to decrease their spending by 1% per year for ten years. Jordan's budget still increases funding for Medicare and Medicaid at the rate of economic growth and inflation, and protects current law for Social Security.
"This economic crisis is not an excuse for outlandish and unnecessary federal spending. In fact, it should be an opportunity for us to tighten our belts and instill some fiscal responsibility in the budget," Jordan said. "Americans are demanding that Congress stop the spending spree that will continue our country down a path towards a fiscal train wreck."
Jordan's budget alternative is expected to be debated and receive a vote later today.
Jordan, a member of the House Budget Committee and Chairman of the Republican Study Committee Budget and Spending Task Force, said that there are two fundamental differences between the plans. First, Jordan said that his budget is balanced, while the Obama budget would double the national debt to $23 trillion. Second, Jordan's budget does not increase taxes, while the Obama budget would increase taxes on income, marriage, energy and charitable donations.
"Today's economy is forcing families and businesses across Ohio to tighten their belts and make tough choices," said Jordan. "Why shouldn't the federal government have to make tough choices and prioritize its spending? It is an insult to the people we represent that Congress cannot balance its budget just like regular Americans balance theirs."
To reach balance, Jordan's budget eliminates all Congressional earmarks and reduces or eliminates funding for over 150 federal programs that have been determined by the General Accounting Office (GAO) to be an ineffective use of taxpayer dollars. Next, it asks most federal agencies to decrease their spending by 1% per year for ten years. Jordan's budget still increases funding for Medicare and Medicaid at the rate of economic growth and inflation, and protects current law for Social Security.
"This economic crisis is not an excuse for outlandish and unnecessary federal spending. In fact, it should be an opportunity for us to tighten our belts and instill some fiscal responsibility in the budget," Jordan said. "Americans are demanding that Congress stop the spending spree that will continue our country down a path towards a fiscal train wreck."
Jordan's budget alternative is expected to be debated and receive a vote later today.