Sessions Opposes House Democrats' FY2008 Budget
Press Release
Sessions Opposes House Democrats' FY2008 Budget
U.S. Congressman Pete Sessions (R-Dallas), a former Member of the House Committee on the Budget, announced his opposition to the fiscal year (FY) 2008 federal budget being considered by the Budget Committee today.
The Democrats' budget proposal calls for an irresponsible $24 billion increase in spending, which will be paid for by raising taxes on families and small businesses through the expiration of the 2001 and 2003 tax cuts.
Nearly 7.4 million Texas taxpayers benefit from the income tax relief provided under these laws. Additionally, over 1.7 million businesses in Texas have the ability to use this tax relief to invest in new equipment, hire additional workers, and increase pay.
"I am greatly disappointed that the Democrats' budget resolution fails to include an extension of the 2001 and 2003 tax cuts, which will result in the largest tax increase in American history," Sessions said. "This proposal highlights the Democrats' fatally flawed logic in assuming that this money belongs to the government instead of the American taxpayer."
In contrast, the President's budget proposal calls for permanently extending the tax cuts passed by Congress in 2001 and 2003. This tax relief is critical for continued economic growth, building on the 7.4 million new payroll jobs created in the last four years.
"Like President Bush, I believe that a balanced budget plan should not increase the tax burden on American families and small businesses so that the government can engage in spending sprees. I support continued tax relief to ensure that Americans have more money to invest in the economy, which will increase revenue into the U.S. Treasury to fund foreign and domestic priorities," continued Sessions.
"The Democrat's budget proposal provides no meaningful entitlement reform. With entitlement costs spiraling out of the control, Congress has a responsibility reform and strengthen important programs such as Social Security, Medicare and Medicaid to ensure their viability for future generations," Sessions stated.
By 2040, entitlement spending will encompass the entire budget unless Congress takes action. Entitlement spending is growing faster than our economygrowing at more than twice the rate of inflation and accounting for more than 50 percent of our nation's budget.
"The key to balancing the budget is implementing pro-growth, tax-relief policies along with spending restraint - not raising taxes so that the government can spend more of taxpayers' money," Sessions concluded.
The House Budget Committee is marking up the Fiscal Year 2008 budget resolution today.
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