The Blaze reports:
House Budget Committee Chairman Tom Price (R-Ga.) said Tuesday that his proposal would balance within 10 years, a move that’s needed to end the growing anxiety felt by companies that believe that massive tax hikes on companies is the only way to pay down the national debt.
“We know that job creators and future entrepreneurs see today’s large debt levels as tomorrow’s likely tax hikes, interest rate increases, and inflationary pressures,” he said in an op-ed for USA Today. “Through policies like fundamental tax reform, expanded energy production and the streamlining or outright elimination of unnecessary regulations, our budget would create an environment where folks can plan for the future with greater confidence and optimism.”
Price said the budget would cut $5.5 trillion in spending over the next decade, and balances the budget within a decade, something Obama’s budget plan never accomplishes.
The GOP budget will get there by following through on many of the ideas it’s proposed in the past, including shifting Medicare into plan that lets people buy their own health care, a step Republicans have said is needed to keep the program alive for future generations.
Also as expected, the budget proposes a repeal of Obamacare, the 2010 law that Republicans have targeted for elimination from the day it was enacted. That goal is becoming increasingly more difficult as millions of people now use Obamacare, but Price said repeal would still give Congress a chance to “build a system that works for patients, families and physicians, not Washington.”
In other areas, the GOP budget looks to boost defense spending, give states more control over education funding, and look to trim billions in waste. One example Price gave was to eliminate a loophole that lets people receive both unemployment and disability benefits at the same time.