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RSC Update: Where Are the President’s Spending Cuts?
Washington, Dec 10 -
From the Chairman
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Washington, DC is currently absorbed in the question of what to do about taxes and spending next year. House Republicans already approved our plan months ago to stop looming tax hikes and make sensible spending cuts. Then there’s President Obama’s latest proposal. Liberals laughably say it’s “balanced” with higher taxes and lower spending. The tax hikes are all-too-real. But if you cut away the smoke, mirrors and gimmicks as economist Keith Hennessey recently did, you’ll discover the Obama plan doesn’t reduce spending at all. It spends more!
So where are the spending cuts the president claims to support? The tax rate increase he wants on small businesses – which Ernst & Young says will destroy 710,000 jobs — would only pay for 8 days of government spending. The federal government is on track for a 5th straight year of $1 trillion deficits. Americans deserve to know what President Obama plans to do about it.
Will it be the $20,000 tax hike per family he has proposed? If so, I shudder to think of the impact on our economy.
God Bless,
Congressman Jim Jordan
Chairman, Republican Study Committee
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