Written by Congressman Paul Ryan
Less than a year ago, the House of Representatives passed a budget that took on our generation's greatest domestic challenge: reforming and modernizing government to prevent an explosion of debt from crippling our nation and robbing our children of their future.
Absent reform, government programs designed in the middle of the 20th century cannot fulfill their promises in the 21st century. It is a mathematical and demographic impossibility. And we said so.
We assumed there would be some who would distort for political gain our efforts to preserve programs like Medicare. Having been featured in an attack ad literally throwing an elderly woman off a cliff, I can confirm that those assumptions were on the mark.
But one year later, we can say with some confidence that the attacks have failed. Courageous Democrats have joined our efforts. And bipartisan opposition to the path of broken promises is growing.
And so Tuesday, House Republicans are introducing a new Path to Prosperity budget that builds on what we've achieved.
Like last year, our budget delivers real spending discipline. It does this not through indiscriminate cuts that endanger our military, but by ending the epidemic of crony politics and government overreach that has weakened confidence in the nation's institutions and its economy. And it strengthens the safety net by returning power to the states, which are in the best position to tailor assistance to their specific populations.
More important, it tackles the drivers of our debt and averts the fiscal crisis ahead. This year, our nation's publicly held debt is projected to reach 73% of the economy—a dangerously high level that, according to leading economists, puts the nation at risk of a panicked run on its finances.
Read the full version at the Wall Street Journal.