‘This crisis requires serious fiscal solutions’

WASHINGTON, D.C. - Today Senator Rand Paul called on his Senate colleagues to continue to take bold action to address the nation’s looming fiscal crisis. On March 31, Sen. Paul, along with his 46 Republican Senate colleagues joined in support of a Balanced Budget Amendment, which Sen. Paul also co-sponsored. In the amendment, the government is required by law to balance the budget in five years. While commending the efforts of Republican Members of the House and Senate for offering alternatives to the White House budget, it is important to note that only Sen. Paul’s budget proposal achieves the requirements of the Balanced Budget Amendment.

“This crisis requires serious fiscal solutions, and I am calling on my Senate colleagues fulfill our duty to the American people who desperately want us to address this problem,” Sen. Paul said.

“The Senate Democrats have done nothing. They’ve had two years, our nation has been threatened with a government shutdown, and still no plan. Their only plan seems to be spending more money and raising taxes, or borrowing more money from China to pay for ever-growing federal government.”

“While Democrats continue to do nothing to address this problem, I am proud of my Republican colleagues, such as Senator Pat Toomey and the House Republican Study Committee, for introducing their own budget plans. While I commend the RSC and Toomey budget for coming to full balance, I believe we need to do so sooner. That’s why my plan comes to full balance in five years, rather than eight to 10. My five-year budget would end deficit spending soon enough to avert our looming debt crisis and put our country back on the path to economic growth and renewal,” Sen. Paul continued.

Budget plans currently on the table include versions offered by Sen. Paul, Sen. Toomey, the Obama administration, the Republican Study Committee, and House Budget Committee. The following chart shows how each plan compares on the requirement to balance the budget in five years.


Proposed Budget Plan

Deficit (-) / Surplus

President Obama’s FY2012 Budget -$649,000,000,000
House Budget Committee -$481,000,000,000
Senator Pat Toomey -$257,000,000,000
Republican Study Committee -$200,000,000,000
Senator Rand Paul +$19,000,000,000
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