"Yesterday, Mr. Obama's chief economic adviser, Gene Sperling, reported that the President wants a new "global minimum tax." Mr. Sperling said the new tax is necessary "so that people have the assurance that nobody is escaping doing their fair share as part of a race to the bottom or having our tax code actually subsidize and facilitate people moving their funds to tax havens." *Wall Street Journal, February 15th, 2012

     In February, President Obama released his Fiscal Year 2013 budget. Again, this document is short on spending reductions and long on raising taxes on American families. He proposes adding over $1.3 Trillion to our national debt, and increasing taxes by close to $2 Trillion. This means that over the last four years, these four budgets would have added over $6 Trillion to our national debt. This is not the right way to bring spending under control and returning fiscal sanity to our nation.

      Our country is in the middle of an economic crisis and the President's budget does nothing to help solve this problem. In fact, it may even lead to more problems down the road. Growing the federal government, adding to our national debt, refusing to cut spending and increasing taxes on the American people, is irresponsible and backwards. We need to give small businesses and families the opportunity to flourish, not to be burdened with high taxes. I can assure you that I will fight for spending cuts so our country can get back on track.

*Graphic from Wall Street Journal representing White House's budget request for 2013.   

President Obama's 2013 Fiscal Year Budget              House Budget Committee Response

What Congressman Terry is Saying:

• Terry Statement on President's 2013 Budget

Articles of Interest:

• Obama Budget: More Than Twice the Debt in Half the Time,  Committee on Ways and Means

• Budget Ignores Entitlements, Even as White House Brags About Deficit Cuts, National Journal
• Total Tax Increases and Other Revenue Increases, Committee on Ways and Means

• The Amazing Obama Budget, Wall Street Journal

*Graph courtesy of Wall Street Journal. Graph represents 2013 revenue vs. spending.