Writing in the Wall Street Journal, Ryan states: “On the current path, we’ll spend $46 trillion over the next 10 years. Under our proposal, we’ll spend $41 trillion. On the current path, spending will increase by 5 percent each year. Under our proposal, it will increase by 3.4 percent.
Because the U.S. economy will grow faster than spending, the budget will balance by 2023, and debt held by the public will drop to just over half the size of the economy.”
This emphasis on responsible debt reduction is what sets the Republican plan apart from that submitted by Senate Democrats and from the proposal President Obama will eventually offer — two months past the statutory deadline. Our plan is named the Path to Prosperity because America’s future economic strength depends on reducing our $16 trillion national debt.
Failing to do so will unfairly saddle our children and grandchildren with an economic burden that will make the current high unemployment and depressed wages a permanent reality.
The Path to Prosperity plan demonstrates that it is possible to balance the budget without raising taxes. It is now the duty of President Obama and Senate Democrats to join the effort to fulfill this vital responsibility.
Tom Cole is 4th District U.S. congressman.