Bucshon Votes to Require a Plan from the President for Balanced Budget

Washington, DC) – Today, the House passed the “Require a PLAN Act” requiring President Obama to produce a budget that balances within 10 years or provide a supplemental budget plan by April 1, 2013 indentifying the year it will balance.

Congressman Bucshon (IN-08) states:

“The House has now mandated that the Senate Democrats and the President do their job. We forced the Senate Democrats to pass a budget with “No Budget, No Pay” and we are requiring the President to get serious about balancing the budget.

“The House passed legislation today requiring the President to submit a budget plan to Congress that balances, not a budget that results in a trillion dollar deficit each year and pays for record levels of spending with record levels of borrowing and increased taxes. As we saw last week, spending is the problem – the consequences of out-of-control federal spending have been a shrinking economy and sustained levels of unemployment. The President got the revenue increases he wanted; now it is time to start spending within our means.

“Hoosier families and businesses run on responsible budgets and expect the government to do the same. It is time the President joined with the House to balance the budget so that we can create more jobs and opportunity for the American people.

“The certainty created by a balanced federal budget will help your family at the gasoline pump, the grocery store and work. Ultimately, prices will remain low and wages will climb. As your Representative in Congress, I am working to promote policies that help you and your family live better quality and more prosperous lives.”

BACKGROUND:

Full text of H.R. 444, which passed the House today 253 to 167, can be accessed here.

The Budget and Accounting Act of 1921 requires the President to submit an annual budget on the first Monday in February. President Obama has failed to meet this legal obligation four out of the five years he has been in office. The President missed his deadline for 2013 this week – Monday, February 4th.

The Congressional Budget Act of 1974 requires that a budget resolution be passed no later than April 15th annually. Since taking control of the House in 2010, Republicans have passed a budget every year and will continue to do so. On the other hand, the United States Senate has not passed a budget since 2009, all under President Obama. Moreover, in May of 2011, Senate Majority Leader Harry Reid stated that it would “foolish” for Senate Democrats to offer a budget (Los Angeles Times; 5/20/2011).

On Monday, February 4, 2013, President Obama signed into law the House-led “No Budget No Pay Act” requiring Congress to pass a budget or forfeit pay until they do so.

According to the Congressional Budget Office, 2012 marked the fourth consecutive year with more than a $1 trillion deficit. The CBO announced yesterday that the budget deficit for fiscal year 2013 is projected to be $845 billion (The Hill; 5/05/2013).

Last Wednesday, the U.S. Bureau of Economic Analysis announced that, “Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 0.1 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the Bureau of Economic Analysis.”

Last Friday, the U.S. Bureau of Labor Statistics reported that the U.S. unemployment rate increased to 7.9%, up from 7.8%, during the month of January. Access my statement here.
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