Madam Speaker, I rise in support of this budget blueprint for the priorities it sets and the fiscal sanity it restores to our nation’s Capital.
Seven years after President Bush inherited a projected ten-year $5.6 trillion year budget surplus, the Congressional Budget Office now reports that the FY08 budget deficit will be $396 billion and the FY09 budget deficit will total $342 billion. These are the second and fourth largest budget deficits in U.S. history. Not coincidentally, the first and third largest budget deficits in U.S. history were also recorded during the Bush Administration.
During the same period, our national debt has exploded by $3.9 trillion to well over $9 trillion — or more than $30,000 for every citizen in the United States. In fact, each taxpayer is now paying over $3000 every year just to pay the interest on their share of the national debt.
Astonishingly, this budget deterioration has coincided with dangerous disinvestment in our nation’s health, education, public safety, energy independence, veterans and basic scientific research — among other critically important priorities.
This budget document changes all that. It rejects the President’s misguided cuts in health care for seniors and lower-income citizens. It increases our national investment in education and lifelong job training. It restores funding for state and local law enforcement. It prioritizes the development of next generation renewable energy and energy efficiency technologies. It spares veterans the President’s proposed fee increases for health care they have rightfully earned. And it provides robust funding for the Democratic innovation agenda to enhance our nation’s position in the global marketplace.
Importantly, this budget accomplishes these objectives while providing middle class tax relief to millions of hard-working Americans by patching the Alternative Minimum Tax and extending the child tax credit, marriage penalty relief and the 10% income tax bracket. Consistent with the PAYGO rules adopted by this House, this document achieves these public policy goals with no new deficit spending. And it brings our budget into balance in 2012.
Madam Speaker, this budget represents a properly prioritized, fiscally responsible blueprint for the nation’s future. I urge its adoption and encourage my colleagues’ support.