March 8, 2006—Congressman Mike Pence (R-IN), chairman of the House Republican Study Committee (RSC), Congressman Jeb Hensarling (R-TX), chairman of the RSC’s Budget and Spending Taskforce, Congressman Trent Franks (R-AZ), and other Republican Study Committee members will introduce a balanced budget today based on the 1995 “Contract With America” budget.

New York Times profile of RSC Budget:  http://www.nytimes.com/2006/03/07/politics/07spend.html.

WHO: Congressmen Pence, Hensarling, Franks and members of the House Republican Study Committee

WHAT: Press Conference Introducing RSC Budget

WHEN: Today, Wednesday, March 8
11 a.m. EST

WHERE: Cannon Terrace (Rain location: 1539 LHOB)

BACKGROUND

RSC Budget:

•  Balances the budget within the budget window
•  Includes pro-growth tax policy (guards against automatic tax increases)
•  Makes no changes to Social Security
•  Makes real reductions in discretionary spending
•  Includes reconciliation/entitlement reform
•  Increases defense spending
•  Decreases foreign aid
•  Significantly restructures three cabinet agencies
•  Eliminates federal programs
•  Includes budget process reform

NOTE:  The 1995 Contract With America budget did all of these things.

RSC Budget: Proposes approximately $350 billion in reconciliation savings over five years.

RSC Budget: Proposes $392 billion in deficit reduction over five years (taking into account increases in defense spending.)

Trent Franks is the Congressman from the 2nd Congressional District of Arizona.  He is a member of the House Armed Services Committee, the House Judiciary Committee and Vice Chairman of the Constitution Subcommittee.