Rep. Price: Balance the budget for a prosperous America Washington should live within its means, but also ensure safety and economic growth.

Tom Price | USATODAY

At the core of America's character lies a founding belief that we as a people ought to always strive to build a better, more innovative, open and free society. When we look at America today, we see a nation that is not living up to its economic or leadership potential, and the reason why has nothing to do with the quality and character of the American people. Rather, Washington has been unable or unwilling to tackle big challenges with positive solutions.

That's unacceptable, and it is why Tuesday we are introducing "A Balanced Budget for a Stronger America." It's a plan to create jobs and restore fiscal discipline in Washington by empowering individuals, families, businesses and our local communities with the freedom and flexibility to build a healthier economy.

First and foremost, we balance the federal budget in less than ten years by reducing spending by $5.5 trillion — without accounting gimmicks or higher taxes. This puts us on a path to pay down the national debt. This is in stark contrast to President Obama's budget proposal which never, ever balances despite trillions in tax increases.

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Our goal is not merely to make Washington live within its means. It is to lift the cloud of uncertainty that is hanging over our economy. We know that job creators and future entrepreneurs see today's large debt levels as tomorrow's likely tax hikes, interest rate increases, and inflationary pressures. Through policies like fundamental tax reform, expanded energy production and the streamlining or outright elimination of unnecessary regulations, our budget would create an environment where folks can plan for the future with greater confidence and optimism.

We promote patient-centered health care by repealing all of Obamacare — the taxes, spending and mandates. This would end the raid on Medicare that was used to create this new entitlement, and it would allow Congress to start over on health care reform to build a system that works for patients, families and physicians, not Washington. At the same time, while making no changes for those in or near retirement, we propose needed improvements to Medicare so we save and strengthen this vital program. These structural reforms would give beneficiaries more choices and more access to affordable care.

Balancing the budget means ensuring government is meeting its first responsibility to provide for the defense of our nation. In a dangerous world, the safety of the American people and the protection and promotion of our interests around the world are intrinsically tied to our nation's fiscal and economic well-being. Former chairman of the Joint Chiefs of Staff Admiral Mike Mullen has called our debt "the single, biggest threat to our national security." That's a threat our budget aims to defeat head-on while ensuring we provide our men and women in uniform the resources they need to complete their missions.

We respect the principle of federalism in our budget by realigning the relationship the federal government has with states and local communities. From health care to education, states should be empowered to create their own solutions, free of onerous Washington mandates. The reforms we propose would save money, but, more importantly, they would allow us to find more effective means to achieve real results for American families.

There is no shortage of waste, fraud and abuse across government agencies which is why we propose reforms that would make those programs that do serve an important purpose more efficient, effective and accountable. For example, we propose(details not public yet) closing the double-dipping loophole in the disability insurance program that allows an individual to receive both unemployment insurance and disability payments. No one ought to be held eligible for both benefits at the same time, and this budget would protect taxpayers and maintain the integrity of these programs by ending this wasteful practice.

Lastly, we built this budget mindful of the fact that for the first time in a long time both the House of Representatives and the Senate are committed to producing a balanced budget. In the weeks and months ahead, there will be passionate debate and a chance for policymakers to demonstrate that we are ready to step up to the plate with positive solutions to restore opportunity for all Americans. "A Balanced Budget for a Stronger America" is the first step in this process.

Rep. Tom Price (R-Ga.) is chairman of the House Budget Committee.

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