At the same time, however, I must state our opposition to the measure offered by the House Budget Committee. It may appear that we have two alternatives. In reality, however, there are no more alternatives left. The committee measure quite simply falls far too short of the essential actions that we must take.

For example, in the next 3 years, the committee measure projects spending $141 billion more than does the bipartisan substitute. It regrettably cuts over $14 billion in essential defense spending, funding required to restore America's national security. It adheres to the failed policy of trying to balance the budget on the taxpayer's back. It would increase tax payments by over a third, adding up to a staggering quarter of a trillion dollars. Federal taxes would increase 12 percent each year. Taxpayers would be paying a larger share of their income to government in 1984 than they do at present.

–President Ronald Reagan
April 28, 1981

What reasons does President Reagan use to support his stance on the House committee measure? Check all that apply.

1. It costs $141 billion more.
2. It is a failed policy.
3. It balances the budget in a fair way.
4. It cuts taxes by over a third.
5. It cuts essential defense spending.

(Economics)