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This past week, President Obama sent his budget proposal for fiscal year 2012 to Congress. A budget proposal that quite simply spends too much, taxes too much and borrows way too much. This proposal continues to lead our nation down the same unsustainable path by growing government, further weakening the economy and increasing our national debt.
Facing a slowing economy and an increased cost of living, Americans have to tighten their belts and carefully budget their hard-earned money. The federal government must do the same. However, the President’s budget proposal contains $46 trillion in spending over the next decade -- $8.7 trillion of which is new spending.
Additionally, this fiscally irresponsible proposal will significantly increase the tax burden on American families and small businesses to pay for new wasteful government spending while heaping trillions of dollars of debt on future generations. The President’s budget proposal included $1.6 trillion in new taxes which will hit small businesses, investors, and families. The last thing American families and small businesses need right now are new taxes that make it harder to save, invest, and hire.
Finally, despite the urgent need to rein in our runaway national debt, the President’s budget adds $13 trillion to our debt. This amount of new debt is larger than the total amount of debt accumulated by the federal government from 1789 until January 20, 2009. Paying the interest on this debt alone would set American taxpayers back nearly $6 trillion over the next decade. In referring to our over $14 trillion national debt, Chairman Erskine Bowles of the President’s Commission on Fiscal Responsibility and Reform, said, “this debt is like a cancer. It is truly going to destroy the country from within.”
In these challenging economic times it is even more important for government to control spending. Regrettably, the President’s budget will lead to record spending, record deficits and record debt. In stark contrast to these reckless fiscal policies, I have consistently voted for the tightest budgets possible each year and just days ago I supported a continuing resolution that cut over $100 billion in federal spending over the next seven months.
Families and small businesses all across our nation understand what it means to make tough decisions each day about what they can and cannot afford, and Congress must do the same when creating spending policies for the federal government. The President has submitted his budget proposal to Congress but now it is up to the Congress to structure our federal budget for the coming year. As your Congressman I assure you that I am committed to passing a budget that reins in government spending and puts our nation’s families first.