Congressman Larson has long called for both sides of the table to come together on a budget that reduces our deficit while strengthening our middle class, rather than on the backs of our seniors and most vulnerable populations.
The President’s Fiscal Year 2014 Budget demonstrates that we can make critical investments to strengthen the middle class, create jobs, and grow the economy while continuing to cut the deficit in a balanced way.
To make America once again a magnet for jobs, the Budget invests in high-tech manufacturing and innovation, clean energy, and infrastructure, while cutting through red tape to help businesses grow.
The Budget also incorporates the President’s compromise offer to House Speaker Boehner to achieve another $1.8 trillion in deficit reduction in a balanced way. When combined with the deficit reduction already achieved, this will allow us to exceed the goal of $4 trillion in deficit reduction, while growing the economy and strengthening the middle class.
The Budget does all of these things as part of a comprehensive plan that reduces the deficit, and puts the nation on a sound fiscal course. Every new initiative in the plan is fully paid for, so they do not add a single dime to the deficit.
KEY FY14 BUDGET FACTS
- Includes $1.8 trillion of additional deficit reduction over 10 years, bringing total deficit reduction achieved to $4.3 trillion.
- Represents more than $2 in spending cuts for every $1 of new revenue from closing tax loopholes and reducing tax benefits for the wealthiest.
- Deficit is reduced to 2.8% of GDP by 2016 and 1.7% by 2023 with debt declining as a share of the economy, while protecting the investments we need to create jobs and strengthen the middle class.
- Includes $400 billion in health savings that crack down on waste and fraud to strengthen Medicare for years to come.