Today, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), a member of the House Budget Committee, issued the following statement following the release of President Obama's budget proposal:

"President Obama laid out a plan today that reduces our deficit responsibly by using a balanced approach of cuts and revenues, while creating jobs and boosting our fragile economy.  The President made it clear he recognizes the high return investments in research and science can yield for our economy by including funding for the BRAIN Initiative, which will also aid families struggling with brain disorders like TBI and Alzheimer's.  Upgrading our nation's aging water infrastructure through the use of private activity bonds has been a priority of mine, and I am happy to see the President include this in his budget, especially after the devastating damage our infrastructure sustained in the wake of Sandy.

"I'm also proud to see the President prioritize the Bring Job Homes Act in his budget, legislation I introduced which creates incentives for U.S. companies to bring jobs back to America and cuts tax loopholes for outsourcing.  By including initiatives like these, the President's budget will spur economic growth and create jobs while reducing our deficit in a fair and balanced manner.

"While I fully support the President's efforts to reduce our deficit responsibly, I don't feel this burden should be shifted to our seniors and veterans. Unfortunately, that's exactly what the President's proposal to adopt a ‘Chained CPI’ would do. Republicans have been trying to dismantle Social Security for decades, despite the fact that it does not contribute one cent to our nation's deficit. Cutting the benefits our seniors and disabled veterans rely on is not how we should be balancing our books, plain and simple.

"Instead we should be focusing on closing the loopholes that allow trillions of dollars in tax breaks for large corporations and our nation's wealthiest. Cutting benefits for folks who are already struggling will deliver a devastating blow to the very individuals that worked hard their entire lives to build this great nation. This is not compromise, this is surrender."

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