Another Unbalanced Budget Proposal from President Obama

Last week, the President released his budget proposal for FY 2015. I was disappointed, but not surprised, to see that it is an incredibly partisan proposal with no basis in current political or economic reality. Just two months ago, the President signed a compromise spending agreement into law that would spend $1.014 trillion in the next fiscal year. But the budget he released on Monday would increase spending by $56 billion above that agreement. I didn't support that deal because of spending increases—I certainly don't support an additional $56 billion.

All told, his budget will increase spending by 63% over the next ten years. That translates to another $8 trillion that would be added to our debt in the next decade. We’re already struggling to bear the weight of our $17 trillion debt—how does the President think that we will hold up under $25 trillion in obligations in 2024? Of course, this budget never balances either. But what I find most troubling is that this President—who has already increased taxes on Americans by $1.7 trillion—is proposing to collect another $1.8 trillion in new taxes. And instead of using all of that revenue for deficit reduction, about half of those tax hikes would fund more spending.

I want our grandkids to grow up in a prosperous country where they can pursue their dreams. I worry every day about whether they’ll have the same opportunities I had, or if our country’s reckless spending will squeeze our economy and force them to pay for this generation’s errors. That’s not fair to them, and it’s not a responsible way to govern. That’s why reining in spending and making the government accountable to you is one of my top priorities. Visit my website to learn more about my work to get our spending under control.

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