Congresswoman Virginia Foxx(R, NC-5) issued the following statement in response to the release of President’ Obama’s Fiscal Year 2014 budget proposal today, sixty-five days past its due date:

“For more than two months, the American people have been waiting for the President to get off the sidelines and join the conversation about putting Washington on a budget. Today, he issued a budget proposal that irresponsibly ignores our growing debt and defends the status quo in Washington. The contrast between his tax-laden proposal and the House Republican balanced budget is stark.

“Unlike the House Republican budget that will balance in a decade, the President’s budget will never balance. Ever. It will, however, compound debt, authorize more wasteful government overspending, and burden the American people with an additional $1 trillion in new taxes.

“Republicans have asked Washington to make do with a little less to ensure that the American people are able to keep more of what they earn. Our balanced budget will grow the economy, ensure retirement security for seniors, and encourage job creation immediately.

“It is ironic that the President’s long awaited budget was released today on April 10^th which is Tax Freedom Day for North Carolinians. That means today, on average, North Carolina families have finally earned enough money to pay off their 2013 tax bill and start earning money for themselves.

“The President’s budget proposal would ask the people of North Carolina to work longer for Washington just so Washington can continue its overspending binge. How disappointing!”

Foxx: Contrast in Budgets is Stark

Watch Congresswoman Foxx address the House of Representatives on the contrast between the President’s tax-laden proposal and the Republicans’ Path to Prosperity balanced budget plan.

Key facts from the President’s fiscal year 2014 budget

The President’s Budget Never Balances—Ever

• The House budget balances in ten years, but, like Senate Democrats, the White House says their budget never balances—ever.

$8.2 Trillion in New Debt

• Accounting for the cost of eliminating the sequester and removing the budget gimmicks, net deficit reduction is only $119 billion.
• Additional deficit increase in FY2013: $61 billion
• Total U.S. debt in 2023: $25.4 trillion
• Debt increase per household: $60,980
• Interest payments on the debt in 2023: $763 billion
• Deficit in 2023: $439 billion

$1.1 Trillion in New Taxes

• President Obama’s budget increases taxes by $1.1 trillion—on top of $1 trillion in taxes from Obamacare and more than $600 billion from the President’s recent tax hike.

$964 Billion in New Spending above Projected Growth

• Spending increase next year alone: $154 billion
• Additional spending in FY2013: $61 billion
• Total spending over ten years: $46.5 trillion
• Rate of annual increase in mandatory spending: 5.2%

The Budget Grows the Government at the Expense of the Economy

President Obama’s budget takes more from hardworking families to spend more in Washington, D.C. Instead of empowering people with more control over their lives, the President’s plan empowers bureaucracy. Instead of creating good-paying private sector jobs, the President’s plan destroys jobs, depresses wages, and diminishes opportunity.

Republicans are offering a different path. Our plan to balance the budget will end the waste of taxpayer dollars and foster a healthier economy, delivering real solutions to help improve people’s lives.

Source: House Budget Committee.