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Ryan Votes for Budget Resolution to Control Spending, Cut Deficit in Half in Four Years Renews Call to Reform Broken Budget Process, Make Budget Enforceable WASHINGTON –
Wisconsin’s First District Congressman Paul Ryan today voted in favor
of the House resolution on the budget for Fiscal Year 2005, which passed the
House of Representatives by a vote of 215-212.
The annual budget resolution does not have the force of law, but rather
serves as a guideline for Congress as it prepares the year’s spending bills. The budget resolution that the
House approved today exercises spending restraint, holding the line on
non-mandatory spending outside the areas of defense and homeland security. This budget sets spending levels to enable swift deficit
reduction. Under this plan, the
deficit would be cut in half in four years. In contrast to alternative budget proposals, the budget passed by the House guards against tax increases over the next five years. Substitute plans offered by House Democrats would have resulted in tax hikes. Because most small business owners file taxes under the individual income tax rate system, tax increases on “high” income brackets (such as those proposed under alternative plans) are tax increases on small businesses. The budget resolution that the House approved prevents this destructive tax hike and helps small businesses to continue growing and creating jobs. “This is a good, lean budget
that can help us finally get a handle on spending in Washington.
If Congress sticks to it, this budget will help us tackle the deficit and
get to a balanced budget fairly fast. It’s
also critical that we avoid tax hikes that would stall our economic recovery.
This budget recognizes that and plans for extensions of tax relief that
would otherwise disappear over the next five years.
Small businesses create two out of every three new jobs.
They can grow and create jobs faster if they don’t have to pay out more
in taxes,” Ryan said. “We still need an overhaul of
the budget process Congress uses, to put teeth in the budget and make its
spending restraints enforceable. I’ve
been leading a coalition of House members to make sure Congress considers a
major budget reform package. In the
meantime, though, this budget resolution is a good step toward reining in
pork-barrel spending. This budget
is a short-term solution; reform of the system is the long-term answer,” Ryan
said. |