Rep. Kevin Brady (R-TX), chairman of the congressional Joint Economic Committee, released a Republican staff analysis that confirms a House Republican debt-ceiling proposal focusing on growing the struggling U.S. economy will play a large role in returning the federal government to a balanced budget.
The analysis, “Economic Review and Analysis of Selected Pro-Growth Provisions of the Spending Control and Economic Growth Act,” outlines the economic output and job creation of a host of pro-growth policy reforms Republicans are advocating as Congress considers increasing the nation’s borrowing authority.
“In addition to spending restraint, the most powerful force to restoring a balanced budget is a strong economy”, said Brady. “A mere one-tenth of a percent increase in the growth rate of the economy cuts the deficit by more than $300 billion over a decade. In other words, growing the economy is a much smarter strategy than merely growing the debt, as the President champions.”
“The American economy is struggling, with poor White House policies jackknifed across it, hurting job creation and keeping budget deficits unacceptably high. The House Republican proposal successfully addresses many of the biggest roadblocks – such as ObamaCare and oppressive regulations – while promoting proven economic drivers like more American-made energy, the Keystone XL pipeline, and tax reform.”
Elements of the House Republican measure include:
• Delaying the implementation of Obamacare for one year.
• Providing a timely process for enacting a simpler, fairer, flatter tax code.
• Immediate construction of the Keystone XL Pipeline.
• Promoting transparency and cost benefit analysis to Washington’s regulatory process in several agencies, especially the EPA.
• Requiring agencies and regulatory bodies to consider the impact new and existing regulations have on small businesses, the locomotives of a strong economy.
• Subjecting regulatory proposals to cost benefit analyses.
• Increasing transparency in EPA deliberations.
• Planning for the systematic and orderly development of on and offshore energy resources, domestic minerals, and clean coal.
• Numerous other initiatives to jump-start efforts on reforestation, rural education, and drought control.
“The analysis documents how pro-growth reforms would contribute to economic growth, relieve the budget deficit, and, above all, make this the ‘Second American Century,’” Brady concluded.