Smith: President Obama's Budget Relives Mistakes of the Past
WASHINGTON, DC - Congressman Adrian Smith (R-NE) issued the following statement in response to this morning's release of President Obama's FY 2012 Budget.
"Today, the President missed an opportunity to win the future by proposing a budget which fails to tackle the pressing economic and fiscal threats before our country. Instead of recommending a budget which addresses the serious challenges we face in the present, President Obama's relives mistakes of the past - spending too much, taxing too much, and borrowing too much.
"President Obama's budget would continue fueling uncertainty for job creators by imposing a $1.6 trillion tax hike and adding $13 trillion to the national debt. By hastening the road to bankruptcy, this budget ignores the demands of the American people and fails to consider the warning of economists. I look forward to working with my colleagues to help pave a new path for long-term economic stability which cuts spending, keeps taxes low, and reduces the size of government."
Each year the President submits a budget request to Congress, which includes funding requests for all federal executive departments and independent agencies. Then, both chambers of Congress draft resolutions for consideration and adoption.
- 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)
- - $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