Families across this country understand what it takes to manage a budget. They understand what it takes to make ends meet without forgoing important investments like education. Well, it’s time Washington acted as responsibly as our families do. And on Monday, I’m proposing a new budget that will help us live within our means while investing in our future.

My budget freezes annual domestic spending for the next five years – even on programs I care deeply about – which will reduce the deficit by more than $400 billion over the next decade. This freeze will bring this type of spending to its lowest level as a share of the economy since Dwight Eisenhower was president. We’ve stripped down the budget by getting rid of waste. For example, we’re getting rid of thousands of government-owned buildings that sit empty because they aren’t needed. I’ve also proposed freezing salaries for hardworking government employees, because everyone has to do their part. And I’m going to make sure politics doesn’t add to our deficit, by vetoing any bill that contains earmarks.