Tuesday, February 09, 2016
Graves: Obama budget offers no realistic solutions to fiscal problems
This morning, President Obama released his budget proposal for Fiscal Year 2017. The budget spends a record $4.1 trillion, and increases taxes on Americans by $2.6 trillion over the next decade. Thankfully, it's the last budget Obama will propose from the White House.
The President clearly had no intention of offering realistic solutions to this country’s fiscal problems. Record levels of spending and trillions of dollars in new taxes is not a serious plan for America’s future. It's more government and more of the same job killing policies we've seen from the White House over the past 7 years.
One of the most outrageous new taxes in the President's budget is a $10 tax on each barrel of oil. Experts predict the tax would translate into an increase of 25 cents per gallon at the pump.
The tax is a not-so-subtle move by the President to promote his radical energy policy. We need more than oil to fulfill this country's energy needs. But for now, gasoline is the best we have in many respects, and we cannot afford a President who refuses to accept that.
What's worse, despite massive tax increases, the President's budget never balances. Ever. Instead, it ensures that the national debt would double during his presidency. With annual deficits skyrocketing, we must take action to rein in federal spending and pay down the debt. That is why I support a balanced budget amendment to the U.S. Constitution that will require fiscal restraint and accountability from everyone in Washington, D.C.