Recently, the United States House of Representatives passed ‘The Path to Prosperity: A Responsible, Balanced Budget.’ I am encouraged to see the House has put forth a plan that will help balance the federal government’s checkbook, restore financial stability and create jobs in our country. At a time when we are over $16.7 trillion in debt, a solid plan is essential to helping fix the fiscal crises we are facing today.
On the current path, another $8.2 trillion will be added to the national debt in the next decade. The House budget instead puts America back on a path to prosperity by reducing the deficit $4.6 trillion and balancing the budget in that same time frame, without any tax increases. It is obvious our country has a spending problem, not a revenue problem. I am glad this budget helps achieve these savings by implementing common-sense reforms and not taking money out of taxpayer’s pockets.
Comprehensive tax reform is also included in the House budget. This plan will simplify the tax code to make the system fairer, simpler and more efficient for all Americans. The budget creates substantially lower tax rates for individuals, with a goal of achieving a top individual rate of 25 percent. Also included is a repeal of the Alternative Minimum Tax. These reforms create more certainty for American taxpayers and future generations.
Further, the House budget helps create jobs in our country. Our national unemployment rate currently stands at 7.7 percent. Allowing opportunities in our country the chance to thrive will help spur job creation. This is why the budget includes approval of the entire Keystone XL Pipeline project. While construction has already begun on the southern portion of the pipeline, the President has continued to block approval of the northern portion of the project that crosses the Canadian border. Authorization of this project would create an economic benefit in Oklahoma’s Third Congressional District. The project would produce 20,000 direct jobs and 118,000 indirect jobs in our country. Additionally, this pipeline would decrease our reliance on unstable foreign oil; while in-turn provide needed relief at the gas pumps.
Lastly, I am pleased the budget repeals the President’s government-run health care law. After many visits with my constituents in the Third District, it is obvious they are opposed to Obamacare. Many Americans have already seen an increase in health care costs and a rise in premiums. Additionally, job creation has been stifled by the mandates and burdensome taxes included in the flawed health care law. I am pleased this budget repeals Obamacare and replaces it with patient centered reform.
Americans deserve more accountability in the federal government. I am pleased the Path to Prosperity creates this accountability by providing a commonsense, balanced plan to get our country back on track. I believe the House budget is the best solution for creating financial stability and producing jobs in the United States. It is my hope this plan will be passed in the Senate and sent to the President’s desk for his signature.