Congressman Tom Price (R-GA) issued the following statement regarding the Obama administration’s proposed budget for fiscal years 2011-2020.

“It’s astounding to hear the President talk about fiscal sanity but then turn around and propose the largest budget deficits in history,” said Congressman Price. “This administration’s rhetoric about reining in deficit spending is clearly not meant to be taken seriously. President Obama’s proposed $1.6 trillion deficit for next year is 3.5 times larger than the biggest deficit under any other American president. While the free-spending social democracies of the European Union are required to keep their debt below 60 percent of GDP, President Obama’s proposed budget would increase our own debt to 77.2 percent of GDP just ten years from now.

“And as if record deficits weren’t enough, President Obama’s budget still includes major tax increases that will hit our fragile economy like a brick wall. The last thing American small businesses need is a tax hike, but the President just announced he’s coming after their bottom line. This remarkable lack of understanding of what makes our economy grow is exactly what is preventing job creation.

“The American people are looking for a new direction from Washington, but they won’t find it in President Obama’s budget. We simply cannot afford to follow the path laid out today by the Obama administration. Bringing down these unsustainable deficits will not be easy, but it must be done. Our children’s future will be shaped by the choices we make today. Conservatives stand ready to provide the serious leadership and bold solutions necessary to bring the budget back into balance.”