(CNSNews.com) -- Speaker of the House John Boehner (R-Ohio) said that President Barack Obama “does deserve some credit” for what Boehner called “incremental entitlement reforms” outlined in the president’s FY 2014 budget proposal.
“And while the President has backtracked on some of his entitlement reforms that were in conversations that we got a year-and-a-half ago, he does deserve some credit for some incremental entitlement reforms that he has outlined in his budget,” Boehner said during a Capitol Hill press conference on Wednesday.
Boehner also said he hoped Obama does “not hold hostage” the entitlement reforms he outlined in an attempt to raise taxes.
“But I would hope that he would not hold hostage these modest reforms for his demand for bigger tax hikes,” said Boehner.
Earlier today, the president submitted to Congress his budget proposal for FY 2014, which includes $3.8 trillion in spending. The budget also implements the “Buffet Rule,” requiring households that earn over $1 million to pay an income tax rate of 30 percent.
CNSNews.com reported on Monday that Obama claimed his budget “doesn’t spend beyond our means.”
“It’s a budget that doesn’t spend beyond our means, and it’s a budget that doesn’t make harsh and unnecessary cuts that only serve to slow our economy,” Obama said on Apr. 6 during his weekly address. “We’ll keep our promise to an aging generation by shoring up Medicare, and we’ll keep our promise to the next generation by investing in the fundamentals that always made America strong--manufacturing, innovation, energy and education.”
During FY 2012, the U.S. government ran a $1.089 trillion deficit, down from nearly $1.3 trillion in FY 2011. Currently, the U.S. national debt exceeds $16.7 trillion.