Says proposal doubles-down on failed tax and spend policies
Washington, D.C. - Following the arrival of President Obama's Fiscal Year 2016 budget request to Capitol Hill this morning, Idaho Senator Mike Crapo, a senior member of the Senate Budget Committee, said the proposal ignores the most critical issue facing the country, the $18 trillion-and growing-national debt. The President's newly-released budget outlines a $2.4 trillion spending increase, a $2.1 trillion tax increase and adds $8.5 trillion to the national debt with gross debt climbing to $26.3 trillion by 2025.
"Just last week, the non-partisan U.S. Congressional Budget Office warned that, absent action, the country's fiscal picture will continue to deteriorate with our national debt expected to rise to unprecedented levels over the next ten years," said Crapo. "Despite this information, the President has again called to increase federal spending and raise taxes on hard working Americans, proposing a continuation of the failed policies of the last six years. Ironically, the President's budget also seeks to undo the only fiscal restraints that he, himself, has signed into law in recent years, reversing any chance of producing the kind of balanced budget that the American people want and deserve."
"Our massive national debt hurts the economy and job growth and will only worsen over time if we continue to ignore the very real threat posed to our country's future prosperity by Washington's haphazard tax and spend policies. The President's continued unwillingness to work with Congress, already vowing to reject any budget proposal that does not increase spending, is a far cry from the kind of leadership needed if we are ever to begin paying down our debt. It is long past time the President put aside politics to work with Congress in meaningful ways to put in place powerful budget controls to address the explosive growth of federal spending and seek reforms to our badly broken tax code as a part of a long-term, comprehensive strategy to put the U.S. on a more sustainable and prosperous path for current and future generations."
According to the CBO in its annual Economic and Budget Outlook report released last week, the national debt is expected to grow by a staggering $9 trillion over the course of the next ten years and, the cost of the interest payments alone on the debt are expected to rise to $5.6 trillion. Additionally, the deficit, though projected to be lower this year, is expected to grow rapidly as well-again topping $1 trillion in the next few years.
Crapo has signed onto several bills in this Congress that call for balancing the federal budget and controlling spending by moving to a biennial budget process at the federal level. Learn more about this legislation here.