TIBERI: DEMOCRATIC BUDGET IRRESPONSIBLE
U.S. Congressman Pat Tiberi (R-OH) today criticized the passing of the final fiscal year 2008 Budget, calling it irresponsible for including increased spending, increased taxes, and no substantial reform to ensure continued economic growth and the future of the nation's entitlement programs. The final FY08 Budget passed the House today by 214-209, a vote that was largely along party lines. The final bill still has to be approved by the Senate before going to the President for his signature.
"I am working to ensure a secure, prosperous future for the people of Central Ohio, and unfortunately this budget won't help us get there," said Congressman Tiberi. "I believe you have to keep taxes low to encourage economic growth. This budget, however, let's Democrats go on a massive $22 billion spending spree. It includes the second largest tax increase in history, and has a trigger' included that could double that tax increase! This budget could reinstate the marriage penalty, slash the child tax credit, and raise the average Central Ohioan's taxes by about $2,700 if Democratic spending causes that trigger to go off."
The FY08 Budget increases the non-defense spending by $22 billion above the current level. It also includes $190 billion in spending, taken out of reserve funds that at the current time do not even exist.
All the while, the FY08 Budget includes a tax increase of at least $217 billion by fiscal year 2012, and it paves the way for an even higher increase. If surpluses in the national budget do not materialize because of increased Democratic spending, a trigger will automatically raise taxes to $400 billion.
"What is most frustrating, is despite repeated warnings over the last several months, the Budget contains no significant entitlement reform. Right now the rate of spending on programs like Medicare, Medicaid, and Social Security is ballooning and if left unchecked, the price of these programs will equal our entire current federal budget by 2040. Unfortunately, the Democrats could have taken steps to begin meaningful reform, to ensure the future of these programs," added Congressman Tiberi.
Despite calls from economic experts like former Ohio Congressman Rob Portman, now the Director of the Office of Management and Budget, which warn of the looming problems in the nation's entitlement programs, the budget puts off major reforms for at least five years.