March 20th, 2012
11:28 AM ET
(CNN) - The White House was quick to beat back congressional Republicans’ just-unveiled budget proposal Tuesday, declaring the measure “once again fails the test of balance, fairness, and shared responsibility.”
“It would shower the wealthiest few Americans with an average tax cut of at least $150,000, while preserving taxpayer giveaways to oil companies and breaks for Wall Street hedge fund managers,” said Dan Pfeiffer, the White House Communications Director.
“What’s worse is that all of these tax breaks would be paid for by undermining Medicare and the very things we need to grow our economy and the middle class – things like education, basic research, and new sources of energy,” he continued. “And instead of strengthening Medicare, the House budget would end Medicare as we know it, turning the guarantee of retirement security into a voucher that will shift higher and higher costs to seniors over time. “
Spearheaded by House GOP Budget Chairman Paul Ryan, the proposal calls for a $3.53 trillion budget for 2013 that would kill $55 billion in spending cuts aimed at defense and make up for them with savings elsewhere in the budget. Democrats and the White House contend the proposed cuts will exceedingly burden the middle and lower class.
“The House economic plan draws on the same wrong-headed theory that led to the worst recession of our lifetimes and contributed to the erosion of middle-class security over the last decade. And the President believes we cannot return to a failed theory that didn’t lead to the growth of jobs, incomes, or the economy,” said Pfeiffer.
More on the GOP budget from CNNMoney.com