Kentucky’s junior senator, Republican Rand Paul, today unveiled his FY2013 budget, "A Platform to Revitalize America," a plan that would balance the budget in five years, significantly reduce spending, and restore fiscal order to Washington. Billed as “the only budget proposal that balances within the Balanced Budget Amendment window,” the measure is supported by all 47 Republican Senators.
At a press conference in the U.S. Capitol this afternoon, Sen. Paul was joined by co-sponsors Sens. Jim DeMint (R-S.C.) and Mike Lee (R-Utah), where he laid out the details of his plan, which would bring spending below historical average in the very first year. Following the press conference, Sen. Paul issued the following statement.
"Americans deserve not only to have the debt reduced, but to have every taxpayer dollar spent more wisely. While Washington continues to spend recklessly and ignore the ever-growing deficit, I am offering a plan that will address this country's looming debt crisis in a truly timely manner - balancing the budget in just five years," Sen. Paul said. "The time has come for a change that will restore fiscal order in this country, and I will do everything in my power to ensure that this happens."
"The biggest problem facing the nation right now is the out-of-control spending and borrowing. The Budget Control Act doesn't address the underlying problems, and it's been well over 1,000 days since Senate Democrats passed a budget. I stand behind anyone who is willing to confront this issue through a serious proposal that will put us on the path toward a balanced budget," Sen. Lee said.
"This balanced budget makes the commonsense decision that we've got to stop spending more than we're bringing in," said Senator DeMint. "Already, what was once considered unthinkable has occurred: the creditworthiness and economic outlook of the United States of America has been downgraded. This is more than a national embarrassment, it's an indication that the world is losing confidence in America's ability to pay our bills and of our government to change course. This budget shows we can stop the debt crisis, improve our economy, expand freedom, and secure the future for our children and grandchildren."
Sen. Paul’s proposed budget significantly reduces spending relative to both the President's budget and the Congressional Budget Office (CBO) baseline. It also brings spending below the historical average of 19.6 percent of GDP in the first year, eventually reaching sustainable levels below historic revenues. Based on current CBO baseline, the budget would spend $8 trillion less over the next 10 years.