President Obama’s Latest Budget: More Spending, Taxes and Borrowing
Washington, DC – U.S. Congressman Kevin Brady (R-Texas), the Vice Chair-designate of the Joint Economic Committee and a senior member of the tax-writing House Ways & Means Committee, issued the following statement in response to the release of President Obama’s FY2012 Budget:
“Among the many numbers proposed in the President’s budget, two stand out: 2 and 4. While many families have less income, the President is on his way to doubling the size of the federal government in just his first term of office. And despite his claims, the facts show his deficits are a whopping four times larger than the ones he inherited when he took office.
Another number of interest is 14 million. That’s the number of Americans out of work because businesses large and small are reluctant to hire while the White House continues its call for higher taxes, regulation and energy prices.
While the President ducked the pressing need to reform entitlement programs, he found room to propose $1.6 trillion in new taxes on professionals and small businesses – plus $120 billion in higher taxes on America’s energy companies and nearly $50 billion in job killing taxes on local banks and real estate partnerships.
When it comes to controlling these dangerous deficits and getting the economy going, the President’s numbers don’t add up.”
- Spends Too Much
· $3.8 trillion in spending this year; 25.3% of GDP (highest since WWII)
· $46 trillion in spending over the decade; $8.7 trillion in new spending
- Taxes Too Much
· $1.6 trillion tax hike on families, small businesses, and job creators
· Revenues as a percent of GDP climb to 20%
- Borrows Too Much
· $1.6 trillion deficit for FY2012; a record third straight trillion dollar deficit
· Doubles and then triples debt held by the public since President took office
· $13 trillion added to the debt over the decade