Hern, RSC introduce FY22 Budget – “Reclaiming our Fiscal Future”
Representative Kevin Hern (OK-01) and Republican Study Committee Chairman Jim Banks (IN-03) introduced the RSC budget for FY ’22: “Reclaiming Our Fiscal Future”. Rep. Hern leads the RSC Budget and Spending Task Force, a team of conservative lawmakers tasked with drafting a federal budget that reflects conservative values, restores fiscal responsibility, and works for all Americans.
“The Republican Budget is floor-ready, a thorough plan rooted in common-sense conservative policy,” said Rep. Hern. “Republicans are prepared to govern in the majority, and this budget helps us prove it to the American people. Our tried-and-true pro-growth strategy will boost the economy while giving middle and working class Americans more control over their hard-earned money.”
RSC Chairman Banks said, “The Democrats are introducing socialism and radically expanding the role of government, and in just a short amount of time, we’re already seeing the negative effects of their agenda on our economy. We’re seeing a spike in the cost of living and slower than expected job growth. And this is just the beginning. It’s time Republicans reclaim the mantle of fiscal responsibility and show voters an alternative vision for conservative governance. I thank Rep. Kevin Hern and the rest of the RSC Budget and Spending Task Force for leading this effort.”
House Budget Committee Republican Leader Jason Smith said, “The first true budget proposal for FY 2022 comes not from the Democrat Majority in charge of Congress or President Biden, but rather the Republican Study Committee. In fact, it has been well over 800 days since Democrats produced a budget, and President Biden has already set the record for the latest ever that a president submitted an initial budget proposal. While the RSC has spent time developing a thoughtful plan to rein in spending, Washington Democrats have spent their time proposing or enacting trillions in new spending and taxes without an honest acknowledgement of how their policies are harming America’s working class.”
Since last March, the federal government has spent over $7.6 trillion, nearly $62,000 per American household. The national debt exceeds $28.1 trillion and continues to climb under the Biden Administration. Interest costs on the debt are expected to triple in ten years, making interest payments the 3rd largest federal expenditure behind only Medicare and Social Security.
The RSC Budget balances by FY ’26 (5 years), cuts spending by $14.4 trillion over ten years, and reduces American taxes by $1.9 trillion.