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Budget is More Spending, More Taxes, More Debt
Written by on February 02, 2010, 02:51 PM
“This morning, we received the administration’s budget for the next fiscal year. While there are plenty of issues raised by this budget, the fundamentals are clear: this budget is more of the same – more spending, more taxes and more debt.
“I think everyone can agree that last year’s budget spent too much. With the trillion-dollar stimulus bill and massive increases in optional spending, the administration and Democrats in Congress simply spent too much and took us into record territory. But the administration assured us that it was an anomaly—that we just needed to get through the year and then we’d get serious about our spending in 2010. Fiscal hawks on the other side of the aisle told us the same thing every time we raised the issue.
“But, now, they’ve produced yet another massive budget filled with even more spending than last year’s record totals. The President proposes to increase spending by another $100 billion—despite having already increased the size of the federal government to unprecedented levels. Even though the administration claimed that the current funding was unique due to the economic crisis, they show no sign of slowing spending.
“And while spending is going up, taxes are going up even faster. Taxes on Americans will increase by over $400 billion—nearly 20 percent—next year alone, with no improvement in sight. Does anyone truly believe this is a good time to raise taxes on job creators, or anyone else?
“This budget provides a startling figure that should stop us all in our tracks. According to the administration’s budget, the interest on the federal debt is expected to be nearly 6 trillion dollars over the next decade. We’ve all heard about interest-only loans, but this is the equivalent of an average of $600 billion dollars in interest every year. That’s an astonishing number.
“In fact, in just four years the administration predicts the government will have to spend more just to pay interest on the federal debt than it spends on the Departments of Agriculture, Commerce, Education, Energy, Health and Human Services, HUD, Interior, Justice, Labor, State, Treasury, and the Corps of Engineers, Environment protection agency, GSA, NASA, National Science Foundation, Small Business Administration and the Social Security Administration—combined.
“The Senate will have an opportunity to write a new budget this year. Our leader on this issue, Sen. Gregg, will have much more to say on the matter as we work to do what so many Americans are doing and get our budget in order. And, I’ll have much more to say on individual pieces of this blueprint, including the administration’s priorities on our national and homeland security.
“But it’s now crystal clear that this budget is more spending, more taxes and more debt. Anyone listening to the American people knows this isn’t what they support. It’s not what our country needs. And it’s not the way to grow good jobs.”
“I think everyone can agree that last year’s budget spent too much. With the trillion-dollar stimulus bill and massive increases in optional spending, the administration and Democrats in Congress simply spent too much and took us into record territory. But the administration assured us that it was an anomaly—that we just needed to get through the year and then we’d get serious about our spending in 2010. Fiscal hawks on the other side of the aisle told us the same thing every time we raised the issue.
“But, now, they’ve produced yet another massive budget filled with even more spending than last year’s record totals. The President proposes to increase spending by another $100 billion—despite having already increased the size of the federal government to unprecedented levels. Even though the administration claimed that the current funding was unique due to the economic crisis, they show no sign of slowing spending.
“And while spending is going up, taxes are going up even faster. Taxes on Americans will increase by over $400 billion—nearly 20 percent—next year alone, with no improvement in sight. Does anyone truly believe this is a good time to raise taxes on job creators, or anyone else?
“This budget provides a startling figure that should stop us all in our tracks. According to the administration’s budget, the interest on the federal debt is expected to be nearly 6 trillion dollars over the next decade. We’ve all heard about interest-only loans, but this is the equivalent of an average of $600 billion dollars in interest every year. That’s an astonishing number.
“In fact, in just four years the administration predicts the government will have to spend more just to pay interest on the federal debt than it spends on the Departments of Agriculture, Commerce, Education, Energy, Health and Human Services, HUD, Interior, Justice, Labor, State, Treasury, and the Corps of Engineers, Environment protection agency, GSA, NASA, National Science Foundation, Small Business Administration and the Social Security Administration—combined.
“The Senate will have an opportunity to write a new budget this year. Our leader on this issue, Sen. Gregg, will have much more to say on the matter as we work to do what so many Americans are doing and get our budget in order. And, I’ll have much more to say on individual pieces of this blueprint, including the administration’s priorities on our national and homeland security.
“But it’s now crystal clear that this budget is more spending, more taxes and more debt. Anyone listening to the American people knows this isn’t what they support. It’s not what our country needs. And it’s not the way to grow good jobs.”
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