President’s Budget Calls for More Taxes, Debt
(Washington, D.C.) – This week the president submitted his proposed Budget for fiscal year 2016. The plan laid out by the president includes an estimated $1.5 trillion in new Taxes , including increased Taxes on investment that could have the effect of slowing the already weak U.S. economy. It exceeds the spending limits the president signed into law as part of the Budget Control Act of 2011, which had authorized trillions in new federal borrowing. Surprisingly, the plan cuts funding for vaccinations for under-insured Americans. Despite the tax increases in the proposal, the federal Deficit would be $474 billion next year, rising to nearly $700 billion in 2025. Over the next ten years, the U.S. would add $8 trillion to the national Debt . Additionally, the Budget proposal recommended by the White House includes no proposal to save entitlement programs such as Medicare and Social Security.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
“This proposal from the president is more of the same only with new branding. While America grows tired of waiting for leadership from Washington, this administration continues to double down on its tax and spend policies. The president’s health care law will cost Americans $2 trillion over the next 10 years. The ‘fiscal cliff’ tax increase signed into law by the president in 2013 raised Taxes by more than $500 billion. The Budget proposal submitted by the president for next year would increase Taxes another $1.5 trillion. Despite all of these tax increases, the White House expects the federal Deficit will start growing dramatically again in just a few years. The simple truth is that while the president is quick to claim Credit for Deficit reduction, he has again and again resisted the spending discipline imposed by Congress, which led to the recent improvement in the Deficit . It’s no surprise he is again proposing to return to an era of bigger government and more spending.
Will Washington politicians ever stop trying to take more money from hard-working families? Will the president ever lead on efforts to balance the Budget and live within our means? With just 2 years left in his presidency, it seems clear the president wants to take a victory lap – despite the serious problems this nation faces.”