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| House Approves Federal Budget Plan |
March 28, 2001 |
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Wilson Votes for Budget that Pays Down the Debt, Provides Tax Relief and Make Education Funding a Top Priority
WASHINGTON, DC –Congresswoman Heather Wilson voted today to pass the FY 2002 budget resolution. The House passed budget plan will pay off a huge portion of the national debt and allow for a much needed tax cut to help stimulate the slumping economy.
“This budget puts New Mexico families first by responsibly using the surplus to pay down debt, provide needed tax relief and bolster funding for priorities like education, Social Security, Medicare and national defense,” said Wilson.
The House passed budget plan will pay off $2 trillion of the national debt, the maximum that can be repaid without penalty. The plan will also provide needed tax relief for working families. Simultaneously, this plan puts families first by increasing education spending by $47.5 billion over 10 years, coupling the extra funds with reforms that enhance accountability. The plan calls for innovative reforms of Social Security that will protect the current and those soon-to-be retired. This plan also dedicates $153 billion over 10 years for Medicare modernization, including a prescription drug benefit.
“Looking back a decade ago, it seems impossible that the government could ever dig itself out of its financial hole. For too long, uncontrollable debt and reckless "borrowing" reigned in Washington. Now, thanks to a fiscally-responsible Congress, we have a budget that is realistic and reasonable, holding the overall growth of spending to roughly inflation, while increasing spending on important priorities that will ensure a more secure future for every American family,” Wilson said.
The House passed budget is based on the following six priorities:
Paying off the Debt - The plan pays off $2.3 trillion of the Government’s, the maximum that can be repaid without paying penalties.
Tax Relief for job security and economic growth - The budget provides tax relief for every taxpayer. An average family of four would receive $1,600 in tax relief benefits.
Improving Education - Education must be a top priority in order to ensure that no child is left behind. The House passed budget increases federal education spending by 11.5%. The centerpiece of this proposal focuses on closing the achievement gap and achieving equality for the most disadvantaged students through accountability, flexibility and high standards.
Saving Social Security – Congresswoman Wilson is committed to locking away all $2.6 trillion of the Social Security surpluses. This budget plan will place the Social Security surpluses off-limits from any other Washington spending.
Strengthening Medicare – This budget will strengthen and preserve Medicare by budgeting $153 billion over 10 years in order to expand coverage choices for beneficiaries, reduce Medicare’s reliance on increasingly burdensome regulations and provide a prescription drug benefit.
Revitalizing National Defense - The House passed budget provides an immediate boost of $14 billion to move national defense away from its outdated Cold War posture, and toward addressing the multiple threats of the modern world. It provides an immediate boost of $5.7 billion to increase military pay, improve troop housing, and expand health benefits for military retirees.
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