Congressional Budget For The United States Government For Fiscal Year
Madam President, I have an amendment at the desk, and I ask for its immediate consideration. Madam President, tonight I am pleased to be joined by Senators Coburn, Graham, and Hutchison to offer an amendment that will serve as an…
Madam President, I have an amendment at the desk, and I ask for its immediate consideration.
Madam President, tonight I am pleased to be joined by Senators Coburn, Graham, and Hutchison to offer an amendment that will serve as an alternative to the 5-year budget offered by the chairman of the Senate Budget Committee and the 10-year budget offered by the President. Except for defense and veterans affairs, our proposal would cap discretionary funding, reduce our Nation's deficit and debt more than the proposals offered either by the Senate Budget Committee or the President.
This 10-year budget alternative would cap discretionary funding at baseline levels, plus inflation, except for defense and veterans. Defense is increased by $190 billion above baseline over 5 years. Veterans is increased by $25 billion above baseline over 5 years,
and other discretionary spending, $62 billion less than the Senate budget proposal over 5 years, $229 billion less than the President's proposal over 5 years, and $759 billion less than the President's proposal over 10 years. Mandatory spending is $373 billion less than the Budget Committee proposal over 5 years, $922 billion less than the President's proposal over 5 years, and $3.2 trillion less than the President's proposal over 10 years.
The deficit would be at $484 billion in 2014, the Conrad budget, the Senate Budget Committee budget deficit would be $508 billion, the President's would be $749 billion. It would be $448 billion by the year 2019, compared with the President's $1.189 trillion deficit over 10 years, and the Senate Budget Committee proposal is a 5-year budget.
This results in a cumulative deficit reduction of $369 billion more than the Senate budget proposal, $977 billion more in reductions than the President's proposal, and $3.44 trillion--the deficit would be reduced--than the President's budget.
The national debt would be $767 billion less than the Budget Committee over 5 years, $2 trillion less than the President's budget over 5 years, and $3.5 trillion less than the President's over 10 years. In other words, why, why are we offering this alternative? It is simple. Our current national debt is $10.7 trillion. I know when we throw these numbers around, like $10.7 trillion, people's eyes glaze over.
But we are talking about numbers that are unprecedented in the history of this country. The projected deficit for 2009 is $1.7 trillion. The total cost of the stimulus bill enacted last month is $1.18 trillion. We gave the TARP, the Troubled Asset Relief Program, $700 billion. Everyone expects the administration will request up to an additional $75 billion more.
President Obama recently signed an Omnibus appropriations bill totaling $410 billion. The Federal Reserve recently pumped another $1.2 trillion into our markets, and the President's budget request totals $3.6 trillion.
Earlier this week the administration laid out a plan that will provide even more taxpayer dollars to the domestic automakers. The measure offered by the chairman of the Senate Budget Committee increases spending by $225 billion over current levels and raises at least $361 billion in taxes and borrows $1.1 trillion more than what we expect to borrow under current law.
The President's budget doubles the public debt in 5 years and nearly triples it in 10 years. As a consequence, beginning in 2019, the Government will spend more on interest than on the defense of our Nation: $806 billion we will be spending on interest, $720 billion on defense. That is eight times more than we will spend on education, eight times more than we will spend on transportation.
The budget proposals offered by the President and by the Senate Budget Committee put us on an unsustainable fiscal path, and we will pass on to future generations unprecedented levels of debt that they will never be able to afford.
As I said on the floor of the Senate earlier this week, the President's budget numbers are staggering. On average, his budget adds $1 trillion to the debt every year for the next 10 years and contains $1.4 trillion in tax increases. It reinstates the death tax, and it discourages investment by raising taxes on capital gains and dividends. It would create more debt than under every President from George Washington to George W. Bush combined. As others have already warned, the Nation would be bankrupt. This is not just generational theft, it is multigenerational theft.
That we are on a dangerous path is not just my opinion, in fact, it has been acknowledged by the President's Director of the Office of Management and Budget. In a recent interview, Peter Orszag was asked to respond to this statement:
What deficit hawks are really saying is that the number is
so huge that it is literally going to swarm over us and
destroy us if we do not start dealing with it today.
Mr. Orszag replied:
There is no question that we are on an unsustainable fiscal
course, and we need to change course.
The Federal budget must address the most pressing issues facing our Nation, and among these priorities are keeping Americans safe and our Nation secure and all of the other issues with which we are familiar.
The budget must also ensure that taxpayers' dollars are managed in the most fiscally responsible manner by targeting resources to priorities, spending no more than needed, and holding their Government accountable to the taxpayer. This is exactly what our alternative will do. Our plan meets America's needs by spending less and reducing the debt faster than the Democrats' proposals. It caps discretionary spending, except for defense and veterans, at baseline, and increases defense spending by $190 billion. I would point out we are still in two wars.
It also increases veterans spending by $25 billion over 5 years. It reduces the deficit to $484 billion by 2014, compared to the Budget Committee's $508 billion and the President's $749 billion. It keeps taxes low, and it shaves, by 2014, $767 billion more off the national debt than Chairman Conrad's 5-year budget and nearly $3.5 trillion more than the President's 10-year budget.
Today, the ranking member of the House Budget Committee unveiled the Republican alternative to the House budget resolution. In an op-ed about his plan in today's Wall Street Journal, Representative Paul Ryan wrote:
House Republicans will offer an alternative plan. This too
is no ordinary budget. As the opposition party, we believe
this moment must be met by offering the American people a
different way forward--one based on our belief that America
is an exceptional nation, and we want to keep it that way.
Our budget applies our country's enduring first principles to
the problems of our day. Rather than attempting to equalize
the results of people's lives and micromanaging their
affairs, we seek to preserve our system of protecting our
natural rights and equalizing opportunity for all.
I agree with Congressman Ryan's assessment, and that is why we are here tonight. My friends on the other side of the aisle have become fond of criticizing Republicans for just saying no and offering no alternatives or specifics.
Well, we offered an alternative on the stimulus package. We offered an alternative on the omnibus bill. And we will continue, as members of the loyal opposition, to propose alternatives, complete with specifics and reflecting our philosophy as fundamentally fiscal responsible. I hope this will put an end once and for all to that argument.
Our proposal budgets for 10 years. It achieves lower deficits than the Democratic plan in every year. By 2019, it yields nearly half the deficit proposed by the President. In doing so, we control Government debt so that under our plan, debt held by the public is $3.5 trillion less during the budget period. It gives priority to national defense and veterans health care. It addresses our critical energy goals. It takes steps to ensure health and retirement security by making these problems fiscally sustainable while preserving existing Medicare benefits for those beneficiaries age 55 and older. It does not raise taxes and extends the 2001 and 2003 tax laws. The nearly identical proposals of the House and Senate Republicans share the same goals of attaining health and retirement security, controlling our Nation's debt, putting our economy on a path of growth, and preserving the American legacy of leaving the next generation better off.
We obviously are living in perilous economic times, but we will emerge from this period with strong job growth, rising incomes, restored confidence, and the ability to meet our obligation of passing on to the next generation the opportunity to make their lives safer, more prosperous, and more enriching than our own. We are dealing with a financial crisis, a housing crisis, and a consumer-led recession. Why then does the President's budget envision borrowing trillions of dollars for new initiatives without spending discipline or offsets? Addressing our most important and immediate problems should be our urgent priority. For two centuries, Americans have worked hard so their children could have better lives and greater opportunity. Are we going to reverse that order and force our children to work hard to pay off our debts because we didn't have the courage to make tough economic choices now? That is what this alternative is about--tough but realistic decisions designed to secure the future prosperity of our country. We were
promised change, and that is what our proposal offers.
In the op-ed I mentioned earlier, Congressman Ryan also wrote that ``America is not the greatest nation on earth by chance. We earned this greatness by rewarding individual achievement, by advancing and protecting natural rights, and by embracing freedom. We (Republicans) intend to continue this uniquely American tradition.'' The Congressman is exactly right. We have an opportunity to put our Nation back on sound fiscal footing. Let us seize that opportunity. Let us propose, reason, debate and exhaust every means to invest in the future of this country according to our faith in free people and free markets, a faith that has produced more good for more people than ever imagined by our Forefathers. Let us not exploit this crisis for political gain. Let us do what every preceding generation has managed to do--bequeath subsequent American generations a land of unlimited opportunities.
We can, and must do better, I urge my colleagues to support this alternative proposal.
I ask unanimous consent to have printed in the Record other provisions in this proposal.
We, as the loyal opposition, are required to offer an alternative to the President's budget and that passed by the Senate Budget Committee on a party-line vote. These are tough decisions that have to be made. We must continue to fund defense and take care of our veterans. But we are also going to have to reform entitlement programs, and we all know that. There is no expert or ordinary citizen in America who doesn't agree that we have to reform Medicare, Social Security, and other mandatory spending programs which are consuming a larger part of our budget. We need a bipartisan commission that has the BRAC imperatives, that they meet and we come up with a solution to the burgeoning fiscal problems posed by entitlement programs and other mandatory spending programs.
I was in the other body in 1983, when Ronald Reagan and Tip O'Neill sat down together across the table and negotiated and saved Social Security for decades. That is what we need to do again. After this budget debate is over, why don't we sit down, the President, Republicans, and Democrats, together, and try and solve our Nation's problems. Americans voted for change. Americans want change. That change is to address these compelling and terrible issues that affect this Nation and our future in a bipartisan fashion. It is pretty clear what is going to pass tomorrow night sometime, but wouldn't it be time for us to sit down together and chart a path for the Nation's future in an environment committed to fiscal responsibility on both sides of the aisle and ensuring our children's future?
We will be discussing this more for a short period of time before the vote tomorrow.
I yield the remainder of my time.