Cornyn: Democrats' Budget Tax & Spend Heavy, Fiscal Discipline Light
U.S. Sen. John Cornyn, a member of the Budget Committee, made the following statement Thursday regarding final passage of the Democrat-led, Senate-House conference report on the $2.9 trillion budget for Fiscal Year 2008 and the harmful effects it would have on working families in Texas:
"This budget is the worst of three worldsit dramatically grows the size of the government, increases taxes at a record level and explodes the debt. It includes the largest tax hike on middle-class families, farmers and ranchers, and entrepreneurs in our country's historyapproximately $736 billion over the next five years.
"The Republican-led tax relief we passed four years ago helped the economy grow and create jobs. The last thing we should do is reverse those pro-taxpayer, pro-growth and deficit-reducing policies by letting them expire.
"In addition, I am deeply disappointed this budget does not include my bipartisan amendment, which passed the Senate, to slow income tax rate hikes on hard-working middle-class families, college students and entrepreneurs. In order to maintain strong economic growth, we simply must keep taxes low and control runaway spending.
"Finally, this budget ignores the looming fiscal melt-down when entitlements swell with the cost of supporting the baby boom generation. If we do nothing over the next 30 years, we won't have a dime to pay for anything but Social Security, Medicare, Medicaid and a part of interest on the debt. We will not have the resources for other important priorities, including fighting the war on terror, securing our borders, veterans' healthcare and education.
"So I cannot support this budget, which will dramatically increase spending and return us to an era of big government. It passes an I.O.U. on to our children and grandchildren while increasing the debt by $2.5 trillion.
Sen. Cornyn fought to include his taxpayer-protection amendment in the final 2008 budget. It required a super-majority of the Senate, or 60 votes, to pass any legislation that increases income tax rates on the American people. The Senate passed the amendment by a vote of 63-35, but it was stripped out in conference committee - despite unanimous Senate passage of a measure instructing conferees to include it.
In addition, Sen. Cornyn, who voted for Jobs and Growth Tax Relief Reconciliation Act of 2003, urged Congress to make the tax relief permanent earlier this week on the fourth anniversary of Senate passage of that key tax relief bill. He said the tax relief was "instrumental in growing the economy, creating millions of new jobs and increasing government revenues, which have greatly reduced the deficit."
While in the Senate, Cornyn has received numerous awards and recognitions for his work on behalf of taxpayers, including Hero of the Taxpayer award, Taxpayer's Friend award, Tax Fighter award and Small Business Champion award.