Garrett: Obama’s Budget is a Lousy Groundhog Day Repeat
“It’s fitting that President Obama released his budget on Groundhog Day because it’s a painful repeat of the same failed policies that he has presented to Congress for the past six years. This budget increases taxes, expands failed government programs that do nothing to create jobs, and never balances.” Rep Scott Garrett
Garrett: Obama’s Budget is a Lousy Groundhog Day Repeat
Feb 2, 2015
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), a senior member of the House Budget Committee, released the following statement after President Obama unveiled his Fiscal Year 2016 budget proposal to Congress today:
“It’s fitting that President Obama released his budget on Groundhog Day because it’s a painful repeat of the same failed policies that he has presented to Congress for the past six years. This budget increases taxes, expands failed government programs that do nothing to create jobs, and never balances.
“When I talk to hardworking taxpayers in New Jersey, I always hear the same thing—American families are learning to do more with less, so it’s time for Washington to do the same. Mr. President, please join us to work on solutions that make the government more efficient, accountable, and effective.”
Key Facts: The President’s FY 2016 Budget
Tax Increases
• Despite $2.1 trillion in new tax increases, President Obama’s budget never balances—ever.
• Major proposed tax increases include higher levies on savings and investment, small businesses, and increases in the costs of hiring workers.
• These tax hikes would stunt the economic growth needed to get Americans back to work, and come on top of $1.7 trillion in tax hikes already imposed by this Administration.
Spending Increases
• The President’s budget increases annually-appropriated spending for next year by $74 billion relative to current law. Over 5 years, he would increase such spending by $322 billion.
• Next year alone, the President’s budget would grow total federal spending by $259 billion, or 7 percent.
• Total spending will increase by 65 percent ($2.4 trillion) in 10 years under the President’s plan.
Interest Costs Skyrocket
• President Obama’s plan more than triples interest costs, which remain the fastest growing item in the budget.
• Interest on the debt this year would be $229 billion, but would rise to $785 billion in 2025 under his plan.
• At the end of President’s plan, annual interest costs would be larger than his proposed spending for national defense, Medicaid or the combined total of all non-defense agency spending.
Debt Climbs
• Since 2009, we’ve added $7.5 trillion to the debt and spent $21.1 trillion.
• The President’s budget plan would add $8.5 trillion to the debt.
• Cumulative deficits would amount to $5.7 trillion, and gross debt would climb to $26.3 trillion in 2025.
