President’s Budget Is Loaded With Same Failed ‘Stimulus’ Spending & Small Business Tax Hikes
WASHINGTON, D.C. – Congressman Bob Gibbs released the following statement in response to President Obama’s Fiscal Year 2013 budget request:
“I am very disappointed that the President has clearly not learned his lesson that we can’t tax, spend, borrow, and bailout our way to job creation. But the President merely maintained the status quo of the last four years. Instead of a plan for removing barriers to private-sector job growth, his proposal repeats many of his previous budget prescriptions and is just more of the same failed ‘stimulus’-style policies.
“I had hoped the President would take this opportunity to provide real leadership and address the serious fiscal challenges facing our country. But once again, he used lofty rhetoric and campaign style spin to cover up a partisan, election-year gimmick that will increase spending and ignore the biggest drivers of our debt.
“Americans understand that they cannot spend more than they take in. But President Obama still has not learned this lesson as he continues to spend our country deeper into debt, hoping to pay for this new spending with $1.9 trillion in new taxes on families and small businesses. Raising taxes, not to pay down the debt, but to fuel more government spending is not the solution to the debt debacle.
“Mr. Obama has failed to meet his pledge to cut the deficit in half by the end of his term as his budget blueprint projects a deficit for this year of $1.33 trillion. After four years of the Obama Administration’s government-run economy defined by more spending, trillion-dollar-plus deficits, long term unemployment, and more burdens on small business job creators, this budget is the latest example of failed leadership.”
From House Budget Committee Chairman Paul Ryan:
Key facts from the President’s budget:
- Spends Too Much:
- $47 trillion of government spending over the next decade
- Proposes a net increase over current spending projections
- Taxes Too Much:
- In total, this budget imposes $1.9 trillion in new taxes on families, small businesses, and job creators
- Raises taxes, not to pay down the debt, but to fuel more wasteful Washington spending
- Borrows Too Much:
- Four straight years of trillion-dollar-plus deficits; no plan to reduce the debt
- Gross debt at the end of FY22: $25.9 trillion
- Budget Gimmicks & Broken Promises
- Overstates new deficit reduction by taking credit for savings already enacted
- Exploits discredited budget gimmick by “not spending” nearly $1 trillion that was never going to be spent
A bicameral fact sheet prepared by the House Budget Committee and Senate Budget Committee: