A balanced budget to renew American prosperity

The budget process is one of the most basic functions of government - to set priorities of how to best use tax dollars. Every year, Congress and the President are required by law to agree to a 10-year budget resolution to manage our nation's long-term finances. However, for too long we have not used the budget process to improve the fiscal condition of our country.

In recent years, the federal government has spent too much, borrowed too much, and promised too much. Trillion dollar deficits have pushed our national debt to nearly $17 trillion. Without changes, we face the very real possibility of a debt crisis similar to what nations like Greece and Spain are experiencing today.

As the Baby Boom generation continues to retire, health care spending is expected to skyrocket. Not acting now to save popular programs such as Medicare and Medicaid is to endorse the demise of these programs. Thankfully, it is still possible to make modest reforms to these programs to ensure their availability for future generations without affecting current beneficiaries.

This week, House Republicans passed such a plan through a responsible budget to rein-in spending, protect Medicare and Social Security, reform the tax code, and restore economic growth. For the first time in four years, the Democrat-controlled Senate has also put forth a budget plan; however, there are significant differences between our approaches.

Perhaps the most important difference is the House budget would balance in ten years, while the Senate plan would never balance -- ever. We will never be able to pay off our debt if we continue to spend money we don't have. A balanced budget also would help foster a stronger economy and ensure we do not leave an enormous burden to future generations.

Taxes are another key distinction between the House and Senate budgets. The House Budget balances without tax increases, and calls for comprehensive tax reform to simplify the code for all Americans and to encourage economic growth. Even though tax rates were increased at the beginning of the year, the Senate budget requests $1.5 trillion in new taxes over the next decade. These new taxes would hurt our already weak economy and do nothing to slow out-of-control spending which is the true driver of our deficit and debt. In fact, the Senate budget would actually increase spending.

Despite these and other differences, at least we now have two clear visions for America's future from which to debate under regular order, the process designed to allow the American people more input. This conversation is critical for the American people who rightfully expect their elected leaders to come together to make responsible decisions.

Many of my colleagues and I remain ready to make the difficult but necessary decisions to put our country on a more sustainable course. However, the House cannot act alone. I am confident that using the budget process under regular order will result in spending reductions and reforms, and put our country on a path to renew prosperity in America.