Economy
Congressman Adrian Smith (R-NE) released the following statement after President Obama announced plans to use executive powers to address climate change during a speech at Georgetown University:
The budget process is one of the most basic functions of government - to set priorities of how to best use tax dollars. Every year, Congress and the President are required by law to agree to a 10-year budget resolution to manage our nation’s long-term finances. However, for too long we have not used the budget process to improve the fiscal condition of our country.
Congressman Adrian Smith (R-NE) today issued the following statement after voting in favor of the H.Con.Res. 25, the House Republican Budget and H.R. 933, which funds the government for the remainder of Fiscal Year 2013:
The founders of our American Republic deliberately designed a federal government with three separate but equal branches; the legislative branch to pass laws, the executive branch to enforce laws, and the judicial branch to interpret and review laws. Through a system of checks and balances, the founders sought to prevent any one branch of government from having too much power.
Congressman Adrian Smith (R-NE) made the following statement today after the Regulations from the Executive in Need of Scrutiny (REINS) Act was introduced by Congressman Todd Young (R-IN):
All eyes are now focused on negotiations to resolve the fiscal cliff, which if left unaddressed will result in arbitrary spending cuts and tax rate increases for all earners at the beginning of next year. Arbitrary cuts combined with new increases in tax rates would undermine economic growth and likely send our economy back into recession.
As Congress turns its focus to resolving the fiscal cliff - the end-of-the-year deadline after which deep cuts in spending and increases in tax rates for all earners take effect - there is much disagreement on how to bring down the deficit in a responsible way without harming our economy. The question of tax rates remains one of the largest sticking points to the debate. Should tax rates increase for one group more than another group? Do we need to increase federal revenue? Should some businesses be hit harder than others?