May 16, 2012

Crapo Calls for Senate to Pass a Budget

Senate majority's third straight failure to produce annual budget called irresponsible

Washington, D.C. - The U.S. Senate has not passed a budget in three years, and even worse, according to Idaho Senator Mike Crapo, is facing budget proposals from the President that could raise taxes by $2 trillion over the next decade, along with more than $1.2 trillion in spending increases, at a time when the nation is facing an almost $16 trillion national debt.  Crapo, a member of the Senate Budget Committee, told colleagues during a speech on the Senate floor that a bipartisan agreement is possible on a budget plan that could curb spending, reform and preserve entitlement programs, and reduce tax rates, yet bring in more revenue to the U.S. Treasury through tax reform that spurs economic growth.

Crapo noted the Senate Majority last adopted a budget plan in April of 2009.  Since that time, the nation has spent $10.6 trillion and added $4.5 trillion in new gross debt.  A member of the Senate's bipartisan "Gang of Six" that agreed to spending and tax reforms, Crapo noted that alternative budget plans now being brought forward by Republicans contain the needed changes to stem deficit spending.

"Each of these proposals would include true, comprehensive reforms to our entitlement programs, to prevent the impending insolvency and protect the programs for current and future generations," Crapo said. 

"These budgets also call for comprehensive tax reform, which take us out of the old paradigm of Congress debating whether to raise or cut taxes, and instead these proposals would, each in their own way, dramatically streamline the tax code, reduce all tax rates and unleash significant growth in our economy.  A byproduct of this robust growth would be an increase in revenues," he added.

Crapo encouraged his colleagues to work together on a bipartisan plan to reform entitlements, cut spending and pursue tax reforms that would tighten loopholes while reducing overall tax rates.  "Every American family and business has to develop their own budget.  The Senate should be no different," he concluded.

Following the debate, the Senate was scheduled to vote on five budget proposals.  These included President Obama's budget, which was defeated 99-0 in the Senate and 414-0 in the House.  No Senate Democrats have proposed a budget.