Wednesday, March 25, 2009

New taxes on hard-working, middle-class families

Press Release from Sen. John Cornyn, R-Texas:

Sen. Cornyn: President Obama’s Budget Racks Up Trillions In Debt

Says budget blueprint before Congress borrows too much, places an enormous burden on our children and grandchildren

WASHINGTON—U.S. Sen. John Cornyn, R-Texas, made the following statement in advance of tomorrow’s release of the fiscal year 2010 budget by the Senate Budget Committee. Sen. Cornyn, who will be participating in the Committee’s markup, further outlined concerns he has regarding the President’s budget, including the insurmountable amount of money it borrows and the debt it passes on to future generations, as demonstrated by the Congressional Budget Office’s recent report. 

“The President’s budget outline represents a series of missed opportunities and misguided priorities, which includes new taxes on hard-working, middle-class families and small businesses. It also proposes new spending at a time when taxpayers are being forced to make tough decisions. The federal government should mirror the budgeting tactics of families across the country and start practicing fiscal restraint. But the biggest consequence of all this spending is the huge amount of debt we’re accumulating, which is now in the trillions. On Friday, we learned that the President has underestimated the impact his budget will have on the national debt. The nonpartisan Congressional Budget Office reported that the President’s budget will create deficits averaging nearly $1 trillion a year for the next decade, and it would double the national debt in five years and nearly triple it in ten years. They also found that the size of the national debt as a percentage of our economy will become the highest since the years after the double-hit of the Great Depression and World War II. Not only is this spending out of control, it’s unacceptable that the Administration will pass the tab for it onto future generations in the form of IOUs,” Sen. Cornyn said.

“The upside is that Congress has yet to approve this budget. As a member of the Budget Committee, I plan to offer a number of amendments during the Committee’s consideration to improve the legislation.”

Sen. Cornyn serves on the Finance, Judiciary and Budget Committees.  He serves as the top Republican on the Judiciary Committee’s Immigration, Refugees and Border Security subcommittee. He served previously as Texas Attorney General, Texas Supreme Court Justice, and Bexar County District Judge.

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