The President’s Budget Is Another Attempt to Grow Government
(Washington, D.C.) – President Obama presented the final budget proposal of his presidency yesterday, calling for over $4 trillion in federal spending in fiscal year 2017. The blueprint includes a range of new taxes – including a tax on oil that would lead to higher gas prices, and a new version of the unpopular Obamacare tax on generous health insurance plans. The budget makes no serious attempt to rein in the federal debt, which the Congressional Budget Office (CBO) projects will rise by about $8.8 trillion over the next decade.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“Last Week the U.S. national debt reached a new record high of $19 trillion. To put that in perspective, the public debt now totals $59,000 for each person living in the U.S. Instead of showing the political courage to reduce the debt – or even just to start slowing its growth – President Obama would help grow the debt to more than double what it was when he took office, in 2009.
The federal government cannot solve every problem. Lawmakers must draw limits. That’s especially true when the cost of expanding government is trillions and trillions in new debt that will placed on the backs of our children and grandchildren. This president has already signed a major tax increase on “the wealthy,’ which actually imposed a higher tax burden on 77 percent of American households. We need a new approach. Lawmakers need to realize that irresponsible spending will have perilous consequences for the current generation and leave a worse fate for those to come. Congress needs to stop allowing more wasteful spending and put us on a path to a balanced budget that will enable a sustainable economy for our country.”