“President Obama’s budget is late by more than two months. Unfortunately, his plan was not worth the wait. The tax increases, budgetary gimmicks and stimulus-style spending contained in the administration’s proposal would certainly grow the size of government, but would stifle innovation and entrepreneurship.

“Rather than embracing the power of the American worker and paving the way to a twenty-first century economy, the president gives Washington more power to spend money, regulate our lives and tax our earnings.

“There is no doubt that our nation is on an unsustainable fiscal path and our nearly $17 trillion debt is hampering job growth. Yet, the president’s budget would never balance. In fact, it would add another $8.2 trillion to our debt while raising taxes by $1.1 trillion.

“Last month, House Republicans put forth a budget that would achieve balance within the decade without raising taxes. Our plan eliminates bureaucratic roadblocks, stops the wasteful spending and protects important retirement programs.

“The American people expect real solutions to addressing our debt and growing jobs. I hold out hope that the president will work with us, but we will not wait for the White House to act. My colleagues and I will continue to put forth sound measures that will pave the way to a brighter future.”