President Obamas Latest Budget: More Spending Taxes & Borrowing
Texas Insider Report: WASHINGTON D.C. Among the many numbers proposed in the Presidents budget two stand out: 2 & 4. While many families have less income the President is on his way to doubling the size of the federal government in just his 1st term of office. And despite his claims the facts show his deficits are a whopping 4 times larger than the ones he inherited when he took office" said Congressman Kevin Brady (R-Texas) in response to yesterdays release of President Obamas FY2012 Budget.
Brady is the Vice Chair-designate of the
Joint Economic Committee and a senior member of the tax-writing
House Ways & Means Committee.
Another number of interest is 14 million. Thats 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" said Brady.
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 Americas 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 Presidents numbers dont add up" Brady said.
Key facts from President Obamas Fiscal Year 2012 Budget:
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.
(Courtesy House Budget Committee Chairman Paul Ryan)
