House Republican Whip Eric Cantor released a statement Wednesday following President Barack Obama's prime time news conference Tuesday night in which he criticized Obama's budget plan.

In his news conference Tuesday, Obama said, This budget is inseparable from this recovery. It is what lays the foundation for a secure and lasting prosperity.

Obama suggested that his budget will be the key to preventing a decline in the American way of life and is vital to help the economy recover.

The alternative is to stand pat and to simply say we are just going to not invest in health care, we're not going to take on energy, we'll wait till the next time gas gets to $4 a gallon, and we'll not improve our schools and allow China or India or other countries to lap our young people in terms of their performance, Obama said.

And we'll settle on lower growth rates, and we'll continue to contract, both as an economy and in our ability to provide a better life for our kids. That I don't think is a better option.

In his statement Wednesday, Cantor said Republicans believe that the (Obama) administration's budget lacks a clear focus, avoids making the tough choices America needs, and fails to prioritize the real problems facing this economy, working families, and small businesses.

In his first budget submission, Cantor added, the president will amass more debt than the previous forty-three Presidents combined, which mortgages our children's future - since it is all of them who will be stuck with the bill.

Cantor also argued that Obama's budget will increase taxes on the small businesses that employ one in four American workers.

He further said he was profoundly disappointed by the president's continued failure to recognize the needs and value of charitable organizations.

During difficult economic times, charities provide vital support mechanisms for families in need of help, and this budget is a direct assault on the financial resources they require.

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