Schock: GOP budget plan will include 'pain'
In East Peoria, this afternoon, U.S. Rep. Aaron Schock said he will “guarantee” the federal budget the Republicans in the U.S. House release next month will garner more votes than President Obama’s.
“I’ll bet my political future on it,” Schock said, smiling.
Since the GOP are the majority in the house, Schock concedes it is not that daring a bet.
However, Schock said, the budget plan will address entitlements like Medicare and Social Security, which does make whatever the Republicans offer potentially politically dicey.
Schock said, on Tuesday, from Washington that Obama’s budget blueprint for the next decade was “an unserious budget that carries with it serious consequences.”
He pointed out that the non-partisan Congressional Budget Office projects the federal budget deficit will exceed $1 trillion for 2012, the fourth year in a row.
“The introduction of President Obama’s budget this week confirms this nightmare, yet his budget does nothing to show he is serious about addressing our debt crisis,” Schock said.
Schock said since the president took office, the debt has risen from $10.63 trillion to $15.4 trillion.
“Should our country choose to follow the President’s released spending plan, by 2022 the U.S. will reach $25.9 trillion in accumulated debt. By that point, we would be paying nearly $1 trillion in interest alone. The U.S. is already borrowing 40 cents of every dollar it spends and that amount is only expected to increase,” Schock said in his release.
“Since taking office, he has advocated for the same policies over and again. If consistency were currency the president just might have a chance at wiping out our debt.”
Schock said Obama’s plan of increased taxes, spending, borrowing and deficits is something the House Democrats cannot stomach.
He added the president’s claim that the nation’s debt problem could be solved if the wealthy would pay more taxes was “disingenuous at best.”
Schock said the president’s budget proposal contains $1.9 trillion in new taxes, and $47 trillion in government spending over the next decade.
The House, Schock said, was the only chamber, last year, to pass a budget and have been waiting more than 1,000 days for the Senate to do the same.
Next month, House Republicans will release their own budget, according to Schock.
“It will again offer bold solutions to curb short-term deficit spending and offer proposals to address the long-term drivers of our debt — our entitlement programs. Right now, Medicare is on track to run out of money in 2024 and Social Security is projected to do the same by 2036,” Schock said.
“By choosing the strategy of the ostrich, the president is signaling to everyone that he isn’t serious about ensuring that these programs are sustainable for retiring baby boomers and future generations. His strategy aims to hurt the very people he claims to protect: the middle class.
With both programs out of money in less than 25 years — current law states that current retirees will have drastic cuts to their Social Security and Medicare benefits. The House budget will address these challenges head on and offer responsible solutions to save these programs from fiscal insolvency. The reality is that if we do nothing every dollar we collect in tax revenue will go towards funding these programs in 2045.”
While in East Peoria, Schock said, there will be pain involved for taxpayers in righting the budget situation in Washington.
“We are going to be looking at discretionary funding, which is 15 percent of the federal budget,” Schock said.
“We have also got to have reform on entitlements. It will be painful to reform them, but a lot less painful than seeing the bankruptcy of Medicaid and Social Security which our seniors depend on.”