Garrett Supports Budget Resolution While Leading Effort for Further Budget Reforms and Applauds Signature of the Tax Increase Prevention and Reconciliation Act
Washington,
May 17 -
Congressman Scott Garrett supports the House Fiscal Year 2007 budget resolution, which will be voted on today, calling it a very good step toward fiscal responsibility and pledging to continue to lead the charge for greater budget reform. The budget is expected to pass the House this evening.
"While I remain concerned about overall spending levels, this budget is one that can successfully fund our national priorities and provide for our country’s continued economic growth without over-burdening American families," said Garrett.
Amongst its other provisions, the Fiscal Year 2007 budget resolution includes the following:
Allows for an increase in Medicare funding by 9.7% every year for the next five years
Allows for a $214 billion increase in funding for our veterans over the next five years
Allows for a 10% increase in funding from 2006 to 2007 for Homeland Security
Includes the first-ever Federal rainy day fund for non-defense emergency spending
Congressman Garrett has continually worked for budget reforms, such as the line-item veto, mechanisms for improving transparency and accountability in the federal spending process, and efforts to balance the budget.
"It is important that we keep in mind who is paying for the bottom-line," Garrett stated. "Our focus needs to be on the family budget, rather than the Federal budget."
At the White House today, President Bush signed into law legislation passed by the House and Senate last week preventing a $2.4 billion tax hike. "The economy is strong and growing stronger every day thanks to a solid agenda of tax relief. But, letting families and businesses keep more of their hard-earned dollars for their family and business budgets is only one part of the equation," Garrett continued. "And, I’m pleased that the House is today taking this step toward responsible Federal spending policies as well."
The Tax Increase Prevention and Reconciliation Act includes provisions to:
Prevent the expiration of higher AMT (or alternative minimum tax) exemption levels
Extend the application of many non-refundable tax credits – such as the credit for certain home mortgage interest, dependent care credit, and the Hope credit for college expenses – against the AMT
Prevent increase in tax rates for capital gains and dividends
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