March 15, 2007

CRAPO: FY 2008 BUDGET RESOLUTION OVERSPENDS AND UNDERACHIEVES

Emphasizes the need for pro-growth tax policy and spending discipline

Washington, DC - Reinforcing his support of pro-growth tax policy for Americans and reigning in federal spending, Idaho Senator Mike Crapo expressed his concern about the 2008 budget resolution, which, in spite of his opposition, passed by a party line vote in the Senate Budget Committee today."In recent years, our economy has grown to unprecedented levels," Crapo said. "Americans have kept more of their hard-earned money, and they have invested in our economy and made it strong. This has put us in a position to be able to create a budget that will balance within the five-year budget window."However, with the pending retirement of the baby boomer generation, some very serious budgetary challenges lie ahead. I am disappointed that this budget resolution does not address these significant challenges. As a nation, we must observe fiscal responsibility by investing in the programs that work and addressing those that don't. This budget, as currently written, fails to solve long-term problems such as unsustainable growth in entitlement programs. It also increases spending, prolongs our national debt and raises the tax burden on all Americans. "As a member of the Senate Budget Committee, I look forward to working on a bipartisan and bicameral basis to solve the shortcomings of the 2008 budget to ensure that it meets the needs of Idahoans and our nation."The Budget Resolution as passed today:Increases spending: Calls for an additional $146 billion in discretionary spending above the President's request, with no corresponding spending reduction.Raises taxes: Does not extend existing tax policies past 2010, effectively raising taxes by $900 billion. Fails to address long-term problems: Contains no proposals regarding entitlement reform, mandatory spending or the national debt.