Washington, DC—Today, Congressman Jim Renacci (OH-16) released the following statement after House passage of H. Con. Res. 34, the Fiscal Year (FY) 2012 Budget, “The Path to Prosperity-Restoring America’s Promise”:

“The reckless spending spree that consumed Washington in recent years has exploded our national debt, which today is nearly the size of the entire US economy.  We must act now to address the spending-driven fiscal crisis that has stalled our nation in an economic malaise defined by crippling unemployment and rampant uncertainty in the marketplace. The Republican 2012 budget plan will lead America back on a path towards economic strength and fiscal responsibility by cutting trillions from our debt, infusing certainty back into the marketplace and protecting entitlement programs for our most vulnerable citizens—programs which will soon face insolvency under President Obama’s failed fiscal policies.  Making meaningful spending cuts to tackle our debt crisis while keeping our commitment to today’s seniors were core campaign promises of mine and I am happy to have kept that promise with today’s vote.”

Some highlights of The Path to Prosperity budget include:

·         Cutting $6.2 trillion in government spending over the next decade compared to the President’s budget

·         Reducing the national debt by $4.4 trillion over the next decade

·         Repairing the broken Medicaid system and protecting and preserving Medicare for seniors, a program which faces insolvency on the current budget trajectory.  The budget plan secures Medicare without making any changes to those currently 55 and older.

·         Simplifying the broken tax code, eliminating roughly $800 billion in tax increases resulting from President Obama’s health care bill, and including pro-growth tax reforms to lead to private-sector job creation and sustained economic growth.

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NOTE: To see the video Congressman Renacci recorded regarding the "Path to Prosperity," please click here.