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House Passes Balanced Budget Plan With Support From Congressman Young

WASHINGTON, D.C. – Alaskan Congressman Don Young today voted in favor of H.Con. Res. 25, legislation that would establish the budget for the federal government for Fiscal Year 2014, and set forth appropriate budget levels for Fiscal Years 2015- 2023.  The bill passed the U.S. House of Representatives on a vote of 221-207.

“As the national debt approaches 17 trillion dollars, to say that the United States has a debt problem would be a serious understatement,” Rep. Young said.  “Today’s budget is not just about a plan for the upcoming fiscal year, it also puts America on a path toward balancing the nation’s budget in ten years, all while reforming our welfare programs, cutting wasteful spending, fixing the tax code and strengthening priorities like national security and Medicare.”

“Chairman Ryan's budget is a small step towards solving the problem of our debt and deficit. Unfortunately, the Senate budget is giant leap backwards.  After calling for $1 trillion in new tax increases on American families, using every budget gimmick in the book, including advocating for higher corporate tax rates which are already the highest in the world, I find it astounding that the Senate Budget still does not balance.  We waited four years for this?” 

Budget Highlights:

Tax Reform

  • Comprehensive Tax Reform: Simplifies the tax code to make it fairer to American families and businesses and reduces the amount of time and resources necessary to comply with tax laws. 
  • Tax Brackets:  Consolidates the current seven individual-income-tax brackets into two brackets, with a first bracket of 10 percent. 
  • Repeal and Reduce: Repeals the Alternative Minimum Tax, reduces the corporate tax rate to 25 percent, and transitions the tax code to a more competitive system of international taxation.

Energy

  • Funds Essential Energy Projects and Leverages Private Sector Investment:  Provides sufficient funding for essential projects, like energy security and basic research and development, but pares back spending in areas like applied and commercial research and development projects, which are best left to the private sector.
  • Federal Land and OCS:  Allows for the opening of federal land and the Outer Continental Shelf to drilling. 

Defense and Veterans

  • Supports a Strong National Defense:  Provides $560.2 billion for defense spending in fiscal year 2014, an amount consistent with America’s military goals and strategies.  
  • Veterans are the Highest Priority:   Fully funds the nation’s commitment to the services and benefits earned by veterans through their selfless military service. The total funding level of $145.730 billion is about $9 billion higher than the Veterans Administration’s fiscal year 2014 level in its most recent budget request.

Health Reform

  • Medicare Reform: Does not touch Medicare for seniors who are 55 or older, will be grandfathered for life.  Beginning in 2024, the Ryan Budget would offer new seniors a choice of private plans.  They would receive a premium-support check to either pay for or to offset the plan they choose.  If a senior chose a more expensive plan, he or she would pay the difference.  If a senior chose a cheaper plan, he or she would receive a rebate for the difference.  Starting in 2024, the Ryan Budget would raise the eligibility age for Medicare by two months per year until it reaches age 67 in 2035.

Social Security

  • Requires the President to submit a plan to shore up the Social Security Trust Fund, and also requires Congress to submit a plan of its own.

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