Rep. Calvert Statement on the Budget
Today, Congressman Ken Calvert (CA-42) released the following statement in response to the Fiscal Year 2016 Budget proposed by President Obama:
"The President claims to be proposing a budget to boost middle class families but, in reality, it just piles more debt and higher taxes on American taxpayers. My constituents are seriously concerned about the mounting federal debt and expect Congress and the President to work together to resolve our fiscal crisis. Unfortunately, the President seems content to kick the can down the road and is once again refusing to demonstrate any political courage by making difficult but necessary fiscal decisions.
I am confident that the Republican majority in Congress will take a bolder approach that balances our budget over time while finding ways to invest in programs that help America's global competitiveness and build the foundation for future economic growth. Smart investments coupled with long overdue tax reform are the path towards a prosperous future. The President's rhetoric echoes a similar sentiment, but his actual proposals would hurt our economy and further burden taxpayers with a bloated federal government.
"The primary responsibility of our government is the protection of our citizens and the only way to fulfill that mission is through a strong national defense. I support increased defense spending to reset the force, provide for our U.S. service members and to procure the necessary platforms that will replace aging weapons systems. We can provide for a strong defense through civilian workforce reforms, such as my bill the REDUCE Act (H.R. 340)."
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.
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