Despite their promise of fiscal responsibility, President Obama and Martin Heinrich have added an additional $4.7 trillion to the national debt in just the last three years – bringing America’s total debt to over $15.3 trillion. Yet, instead of reversing course on their failed economic policies, President Obama and Congressman Heinrich are doubling-down on their call for higher taxes, more Washington spending and an even bigger federal debt.
The President today introduced his annual budget which includes $1.5 trillion in new taxes, much of which has previously been endorsed by Congressman Heinrich, while ensuring a fourth straight year of trillion-dollar-plus deficits. What’s worse –Congressman Heinrich and his Democrat friends in the Senate have said they do not even intend to pass a budget for the third straight year, clearly recognizing the political peril of their tax-and-spend policies.
“The national debt now exceeds the U.S. GDP, and yet the answer from President Obama and Congressman Heinrich is to tax more, spend more, and charge more to the credit card of future generations,” National Republican Senatorial Committee (NRSC) spokesman Jahan Wilcox said today. “The Obama-Heinrich budget and their call for higher taxes and even more spending is yet another defining difference in this year’s election, and one that they will be held accountable for this November.”
Background…
What They Are Saying About The President’s Budget….
- “Will Show Mr. Obama Has Failed To Meet His Pledge To Cut The Deficit In Half By The End Of His First Term”: But the document’s numbers will show Mr. Obama has failed to meet his pledge to cut the deficit in half by the end of his term, and for Republicans, that will be the bottom line. (NYT, 2/11/12)
- “Early Documents Admit To Larger-Than-Expected Deficits”: Monday is also the formal release of the budget, but early documents admit to larger-than-expected deficits on the horizon — $1.33 trillion in 2012 and $901 billion in 2013. (Politico, 2/10/12)
- “President’s Plan Would Push This Year’s Deficit Above Current Projections”: The president’s plan would push this year’s deficit above current projections, with the budget gap growing to $1.33 trillion — slightly higher than last year’s $1.3 trillion deficit and $200 billion more than congressional budget analysts recently projected for the fiscal year that ends in September. (WaPo, 2/10/12)
- “Would Mark The Fourth Straight Year Of Deficits Exceeding $1 Trillion”: The new projected deficit would mark the fourth straight year of deficits exceeding $1 trillion and would be higher than the $1.296 trillion deficit logged in 2011. (WSJ, 2/11/12)
- “The Draft Doesn’t Appear To Offer Any New Measures For Deficit Reduction”: The draft doesn’t appear to offer any new measures for deficit reduction beyond proposals Democrats and Republicans clashed over repeatedly last year. (WSJ, 2/11/12)
- “Puts Forward $1.5 Trillion In New Taxes”: It also puts forward $1.5 trillion in new taxes, primarily by allowing the Bush-era tax cuts expire at the end of this year for families making $250,000 or more per year. (AP, 2/12/12)
- “Seen As More A Platform For The President’s Re-Election Campaign Than A Legislative Proposal”: But the latest budget document can be seen as more a platform for the president’s re-election campaign than a legislative proposal for budget debates that will begin next week. (NYT, 2/11/12)
- “Democrats Controlling The Senate Appear Unlikely To Offer A Budget At All, For A Third Straight Year.” (AP, 2/11/12)
- “Senate Democratic Leaders Have Said They Have No Intention Of Adopting A Budget This Year.” (WaPo, 2/13/12)
- “Budgets Only Require 51 Senate Votes For Passage, As Lew – Former Director Of The Office Of Management And Budget – Surely Must Know”: As President Obama prepares to unveil his FY2013 budget Monday, White House chief of staff Jack Lew this morning was asked by CNN to defend the Senate’s refusal to pass a budget in more than 1,000 days. “You can’t pass a budget in the Senate of the United States without 60 votes and you can’t get 60 votes without bipartisan support,” Lew said. “So unless… unless Republicans are willing to work with Democrats in the Senate, [Majority Leader] Harry Reid is not going to be able to get a budget passed.” That’s not accurate. Budgets only require 51 Senate votes for passage, as Lew — former director of the Office of Management and Budget — surely must know. (ABC News, 2/12/12)
