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House Passes Responsible Plan to Balance the Budget and Make a Down Payment on the Debt

With Congressman Bill Posey’s (R-Rockledge) support the U.S. House of Representatives passed a ten-year plan to balance the federal budget which reforms the complex tax code, preserves and protects vital retirement programs with NO changes for current or approaching retirees, and holds agencies accountable for how they spend tax dollars. The House-passed budget plan reduces deficits by $4.6 trillion over the next ten years and begins to pay down the national debt.

“If we have any hope of passing on a prosperous and sustainable nation to our children and grandchildren, leaders in Washington must do the right thing and it all starts with having the right plan,” said Congressman Posey. “The Washington status-quo is unacceptable. The Senate hasn’t passed a budget in over three years while the federal government has been running trillion dollar deficits. It’s irresponsible to continuously fund the government with short-term, stop-gap measures that are done at the last minute in a take-it or leave-it form. This budget plan helps restore the process and sets our nation on a more stable course.”

The House budget plan grows the economy and will create millions of new jobs. Pursuing bipartisan tax reform that aims to end special interest tax breaks and lower overall tax rates will empower American businesses – the most highly taxed in the world – to compete against their foreign competitors. It also puts the brakes on unnecessary red tape so that our economy can heal and unemployed Americans can get back to work and focuses. We also streamline job training programs so Americans can obtain the skills to succeed in a 21st-century economy and have a job opportunity for them at the end of their training.

The House budget strengthens retirement programs making NO changes to Medicare for anyone at or near retirement. And for Social Security the bill makes no changes for anyone at any age. In fact, the House plan allows Medicare spending to grow from $549 billion in 2014 to $864 billion in 2023. Spending on Social Security benefits will grow from $854 billion in 2014 to $1.4 trillion in 2023 as more Americans enter retirement. “These are vital programs that senior citizens rely on each and every day,” said Posey. “Leaders in Washington must keep the promise of these programs by ensuring their solvency for current retirees and future generations.”

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