WASHINGTON, D.C. – Congressman Eric Cantor (VA-07) today issued the following statement in support of the House Republicans' Fiscal Year 2012 Budget Resolution:
"This morning, Chairman Paul Ryan and the House Budget Committee unveiled our spending blueprint for the coming fiscal year. Our vision is reflected in this fact-based budget for America's future. We are focusing on both cutting spending and growing our economy. Our budget puts in place policies that create an environment that fosters long term economic growth. Our aim is to spur small businessmen and women, and entrepreneurs to invest capital, to grow and create jobs. Our vision is one of accountability and will result in getting more Americans back to work.
"We know that our country currently faces a serious and unsustainable debt and deficit crisis. We currently borrow nearly 40 cents of each dollar we spend, our federal debt is more than $14 trillion and it's estimated our deficit for this year will be more than $1.6 trillion. Families and business people throughout this country have had to tighten the belt and learn to do more with less - so should Washington.
"The President says it's time to live within our means, but that's not what his budget does. The House Republicans will lead where the President has failed by reducing spending and addressing the biggest drivers of our debt, our insolvent entitlement programs, in order to preserve benefits for today's seniors and strengthening this safety net for our children and future generations. We also call for significant spending cuts to reduce domestic government spending to lower than 2008 levels and freeze these levels in place for five years.
"In order to increase America's competitiveness, our budget calls for lower tax rates on businesses and families. We must also broaden the tax base and remove special interest loopholes. As such, our budget calls for fundamental tax reform, a key ingredient to get this economy growing and working again. Make no mistake, this budget is a pro-growth budget that will allow Americans to do what they do best - compete and lead. According to an analysis from the Heritage Center for Data Analysis, our budget will create 1 million new private-sector jobs next year and bring the unemployment rate down to 4 percent by 2015.
"I commend Chairman Ryan and the Budget Committee for their hard work on this honest, fact-based proposal. This budget represents a choice on how we move forward as a country, and House Republicans are choosing to lead with our common sense proposals to cut spending and get our fiscal house in order while at the same time bolstering economic growth and job creation. With this budget, we will not only ensure that our country's fiscal future is in better standing for the days ahead, but for our children and grandchildren."