Washington, D.C. – Today, U.S. Congressman John D. Dingell (D-MI15) issued the following opening statement regarding President Obama’s framework for shared prosperity and shared fiscal responsibility:

“Today, President Obama laid out his framework for a comprehensive, pro-growth strategy that invests in the future, reduces the deficit, and increases confidence in the strength of our Nation’s economy.  The President’s plan takes the increasing level of federal debt very seriously — it would reduce the deficit by $4 trillion in twelve years or less, and would trigger an across-the-board debt failsafe if our Nation’s debt as a share of our economy is not declining by 2014.  I applaud Obama for his forward-thinking effort and balanced approach as this is the kind of realistic, responsible plan for the future we need.

“The President’s Plan takes a hard, comprehensive approach toward reducing spending to sustainable levels.  It would cut non-security discretionary spending by $770 billion by 2023, and would cut defense spending by $400 billion.  Moreover, it counters the recent GOP budget blueprint which turns Medicare and Medicaid into voucher programs.  President Obama’s proposal would cut Medicare and Medicaid spending by $480 billion by 2023, without cutting funding to states or increasing patients’ costs.  In contrast, the Republican proposal to privatize Medicare and turn Medicaid into a block grant would increase seniors’ health costs by $6,400 annually starting in 2022, and would provide states one-third less in Medicaid funding by 2021, potentially leaving 15 million people without coverage.  The GOP approach is alarming and not comprehensive.  Instead, President Obama’s approach would increase the enforcement tools of the Independent Payment Advisory Board, simplify the Medicaid federal matching formulas, and expand the Partnership for Patients program.  These are the kind of careful, survivable solutions our seniors, disabled persons, and low-income children need.

“Importantly, the President’s plan acknowledges that we have both a spending and a revenue problem, and we must address both if we are to adequately tackle our Nation’s unsustainable deficits.  Our economic recovery demands a shared sacrifice from all, including the most fortunate Americans.  While I am against increasing taxes for the middle class, I know that we cannot continue to extend the Bush tax breaks to the wealthiest two percent of Americans.  I also agree with the President that we must close tax loopholes that enable the rich to avoid paying their fair share of taxes.  Contrary to the GOP budget blueprint introduced last week, which actually reduced taxes for the richest in America by fifteen percent, the President’s plan sets us on a responsible fiscal path, while continuing to support our most vulnerable populations.

“We can all agree that considerable reforms are needed in order to address our increasing level of federal debt.  However, like the President says, ‘we don’t have to choose between a future of spiraling debt and one where we forfeit investments in our people and our country.’  I am hopeful that Republicans and Democrats will be able to come together to enact a fiscal plan that puts every kind of spending on the table, yet continues to protect the middle class, keeps our promise to seniors, and invests in our future."

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