Crapo: Trillions In Tax Hikes Are Not The Formula To Grow The Economy Or Balance The Budget
Budget Committee debates first budget proposal in four years
Washington, D.C. - Idaho Senator Mike Crapo, a member of the Senate Budget Committee, issued this statement today following the release of the budget outline proposed by the Chair of the Budget Committee, Senator Patty Murray (D-Washington), the first outline released in four years:
"It has taken four years for the Senate's majority party to release a budget blueprint," Crapo said. "Unfortunately, this proposal fails to recognize the significant worsening of our economy and fiscal outlook since the last time the majority proposed a budget. This latest proposal raises $1 trillion in taxes and contains no net spending cuts. In fact, the trillion dollar tax increase accounts for not only the modest $800 billion in deficit reduction over the next ten years, but also pays for an increase-not a reduction-in federal spending. Tax increases and budget gimmicks will not balance our budget.
"Also troubling is the fact that this budget almost defiantly ignores the fact that the trustees of Medicare have stated that absent structural reforms now, the program will be insolvent in just ten years. We must begin serious work to enact pro-growth tax reforms and structural reforms to these important entitlement programs to ensure those programs will be available to future generations. As of now, we are leaving our children and grandchildren insolvent entitlement programs and trillions of dollars in deficits that are not sustainable.
"With our rising debt, Congress must understand that it cannot continue its business-as-usual tax-and-spend policies. Congress has an almost perfect record of breaking every budget it has passed. As we move forward in this process, we must make it a priority to put strong enforcement mechanisms in place to prevent us from continually postponing the hard decisions that lie ahead.
"These monstrous deficits are siphoning away money that should be used to help us grow our economy. Implementing tax reforms will encourage private investments and jobs. The American people deserve action from Washington, and I encourage them to weigh in on our deficits and overspending policies."
You can view Senator Crapo's opening statement at the Budget Committee by clicking here.
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