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Monday, February 14, 2011

Sen. Toomey blasts Obama's latest deficit budget

Sen. Pat Toomey (R-PA) today expressed disappointment with President Obama's latest deficit budget proposal for fiscal year 2012.

From Toomey's office:
"As families across America are cutting back to live within their means, President Obama's budget falls well short in the area of belt tightening. The president's proposed budget for fiscal year 2012 puts taxpayers on the hook for an astonishing $3.73 trillion in spending, increasing the debt by $1.1 trillion on top of a record breaking $1.6 trillion deficit for fiscal year 2011.

"The federal government is suffering from a spending addiction, and if our leaders don’t deal with this problem soon, we all will pay the price. The president's five-year non-security, discretionary spending freeze is too little too late. After a 25% increase in spending since 2008, the president has to offer much more aggressive reductions if we are ever going to get our spending under control.

"To make matters worse, the president's budget increases taxes and completely ignores the drivers of the country's deficit problem — the entitlement programs. As we approach the statutory federal debt limit, it's unfortunate that the president wants Congress to increase it without any budget reforms. Instead, his proposed budget kicks the can down the road while piling higher deficits on our already exploding federal debt.

"We cannot borrow, spend and tax our way to prosperity. The best thing we can do for job creation is keep taxes low and return fiscal responsibility to our government. I had hoped that the president would have taken the steps necessary to put our government on a sustainable fiscal trajectory. Unfortunately, the president's budget represents a failure of leadership at a time when leadership is desperately needed."

1 comment:

joetote said...

While the President is feeding us his line of garbage as to cutting spending, it came to my attention yesterday that the FED is considering a QE3 package as the 1.2 trillion dollars of worthless money they've already printed hasn't done what they though it would. All of the cuts in the world are not going to offset the hyper inflation and the costs that come with printing worthless money. M1 has grown 15.2% in less than 3 months and all of that is unbacked paper!