REP. FRANK GUINTA ON PRESIDENT’S BUDGET REQUEST: “THERE HE GOES AGAIN”
BUDGET SPENDS, TAXES, AND BORROWS TOO MUCH – STIFLING JOB GROWTH TODAY AND THREATENING ECONOMIC FUTURE
(WASHINGTON – February 14, 2011) U.S. Representative Frank Guinta issued the following statement in response to today’s release of President Obama’s FY2012 Budget, which was presented to the House Budget Committee. (Guinta serves on that committee):
“This may be Valentine’s Day, but the $3.73 trillion budget proposal that President Obama submitted is no love letter to the American people. I had hoped he received the message that voters sent last fall, but that doesn’t appear to be the case. In short: there he goes again.
“This budget’s projected $1.65 trillion deficit would be the highest dollar amount on record. It would destroy jobs by imposing a $1.6 trillion tax hike, adding $13 trillion more to the national debt and fueling uncertainty for businesses and employers. And if all that isn’t bad enough, the $8.7 trillion in new spending he wants would keep Washington bloated as always.
“The president’s budget simply does not address one of the most pressing crises facing us today: the need to bring spending, borrowing and debt under control. Unless changes are made now, the United States risks becoming a debt-ridden faded ex-super power, such as Great Britain.
“Americans looked to President Obama for fiscal leadership, and he dropped the ball with this budget. I am sorry he chose to head down the same dreary road of more spending, more borrowing, and more taxes. He may have thrown in the towel on fiscal responsibility, but I have not. There is still time to set our financial house in order, and I am committed to doing it.”
Key facts from President Obama’s Fiscal Year 2012 Budget:
Spends Too Much
§ $3.8 trillion in spending this year; 25.3% of GDP (highest since WWII)
§ $8.7 trillion in new spending ; $46 trillion in spending over the decade
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