What is in this budget?
A Record Deficit In 2009: The Democrats' budget would produce a $1.75 trillion deficit, or 12.3 percent of GDP, in 2009. This deficit level is more than three times the previous record deficit.
Not Halving The Deficit: Despite the President's pledge to cut the deficit by the end of his first term, the Democrats' budget projects that deficits will start increasing immediately after that. Thus, the Democrats' budget only halves the deficit for one year before it starts going back up again.
$24 Billion Spent A Day: Over the first fifty days of the new Administration, Democrats have spent approximately $24 billion a day, most of it with borrowed money.
$1 Billion Spent An Hour: Over the first fifty days of the new Administration, Democrats have spent approximately $1 billion an hour, most of it with borrowed money.
Skyrocketing Net Interest Payments: Beginning in 2012, and every year thereafter, the government will spend more than $1 billion a day in net interest.
Trillion Dollar Increase In Entitlement Spending: The Democrats' budget includes a $1 trillion increase in entitlement spending over ten years. The budget dramatically increases entitlement spending while doing very little to improve the budget impact of existing entitlement programs.
What is NOT in this budget?
“This is an epic bait-and-switch that should infuriate every middle-class family in America. The American people overwhelmingly believe middle-class tax relief is essential to getting our economy moving again. But instead of cutting taxes for middle-class families, Washington Democrats are raising their taxes by as much as $3,100 a year in the middle of a deep recession.”
What are Republicans Doing About It?
The top three Republican leaders in the House and Senate announced today that they will hold a joint, bicameral conference meeting on Wednesday, April 1 to discuss President Obama’s budget that will be voted on by both chambers later this week.
“This bicameral meeting will highlight what Republicans on both sides of Capitol Hill know: President Obama’s budget spends too much, taxes too much, and borrows too much from our kids and grandkids,” House Republican Leader John Boehner (OH) said. “We are working together to make clear to the American people that we will offer better solutions that curb spending, create jobs, and control debt. Families and small businesses are hurting, but rather than confront this economic crisis directly, the President’s budget would use it as a pretext to increase the size of government. That is simply irresponsible.”
“Over the last several weeks, the American people have expressed concern over the spending, taxes and borrowing in this budget, and Congressional Republicans share their concerns,” said Senate Republican Leader Mitch McConnell (KY). “House and Senate Republicans are united in proposing commonsense solutions to create jobs, curb spending and control the debt. We will continue to work together to highlight our better solutions, such as keeping taxes low and reining in spending, to strengthen our economy and create jobs.”
“In his first budget submission, the President doesn’t do enough for middle class families, will raise taxes on small businesses that employ one in four American workers, and amass more debt than the previous forty-three Presidents combined, leaving our children with the bill,” said House Republican Whip Eric Cantor (VA). President Obama ran a successful campaign last year, but this Administration has moved away from honest and open debate and has become more ideological in its attempt to run through trillions of dollars of additional spending and racking up record levels of debt. The Administration has moved too far away from the mainstream of America and has resorted to strong arming both Democrat and Republican Members of Congress, which is beneath the President’s own standard.”
“President Obama’s budget grows the government, not the economy,” said Senate Republican Whip Jon Kyl (AZ). “The new programs and policies it would establish also mean the government will have much more control over our health care, energy, education, and other aspects of our everyday lives. The increased debt burden that will result from his plan will substantially affect our quality of life long after this recession is over. In this time of economic uncertainty, Republicans are united in our belief that the most responsible way to end this recession is to encourage American businesses to grow and create good jobs. By dramatically expanding the size and cost of the federal government, the President’s budget goes in the wrong direction.”
“As the Democrat budget is debated in the House and Senate this week, Republicans are united in protecting taxpayers from the most fiscally irresponsible budget in American history and instead passing a budget that curbs spending, creates jobs and controls debt,” said House Republican Conference Chairman Mike Pence (IN).
“The Democrats’ budget is a blueprint for a very different America, one that our children and grandchildren can’t afford,” Senate Republican Conference Chairman Lamar Alexander (TN) said. “It runs up more new debt than all the presidents from George Washington to George W. Bush combined. Republicans want to curb spending, create jobs, and control debt.”
