REP. CALVERT OPPOSES IRRESPONSIBLE DEMOCRAT BUDGET
Today Rep. Calvert voted against the Democrat Budget, S. Con. Res. 13. The conference report on the budget passed the House 233 to 193.
"The Democrat budget represents a massive expansion in the role and size of the federal government," said Rep. Calvert. "While Americans are tightening their budgets and cutting expenses, Democrats are launching a spending frenzy which will require additional tax increases and put us and future generations further in debt."
From the Republican Budget Committee:
Under they Democrat FY2010 budget, outlays total $3.555 trillion in fiscal year 2010. As a share of the economy, spending never falls below 22 percent of gross domestic product [GDP] over the next five years. Even with the full costs of the war, Katrina, and Medicare prescription drug coverage, spending during the Bush administration averaged 19.9 percent of GDP – and never exceeded 21 percent of GDP.
Taxes increase by $1.5 trillion over 10 years. These include higher taxes on families, small businesses, and workers.
Red ink totals $1.233 trillion in 2010. The budget proposes record budget deficits in nominal dollars. Deficits never fall below $500 billion.
Debt held by the public increases by nearly $2 trillion this year and by a total of almost $4 trillion over the next five years. Debt rises to more than two-thirds as a share of the economy by 2014. The European Union requires its member countries to keep debt below 60 percent of GDP.
Republicans offered an alternative budget that reflected common-sense economics: when in debt, stop spending. The plan places a priority on national defense and veterans' health and temporarily freezes other discretionary spending for five years. It would halve the Democrat's deficit projection for 2019. It would open up our nation's natural resources and provide incentives for the use and development of alternative energy fuels to reduce dependence on foreign oil. It would make the 2001 and 2003 tax cuts permanent, cap the capital gains and dividends tax at 15% and give families and individuals options for a simplified tax code. To foster entrepreneurship and small businesses, it would cut the corporate tax rate, the second highest in the world, to 25% from 35%.