The new Democratic majority in the U.S. House of Representatives has passed all 12 of the fiscal year 2008 appropriations bills calling for approximately $80 billion in new spending. Congressman Pat Tiberi believes this reckless spending, that due to the flaws in the Democrats' "Pay-As-You-Go" rules, does not have to be offset, will drive up the deficit and will surely create tax increases that will affect many Ohio families. In fact, the Democrats indicated in their Budget Resolution, that they will let the 2001 and 2003 tax cuts expire. This will reinstitute the marriage penalty tax, reduce child tax credits, and increase tax brackets, all to pay for increased spending. Based on the bills members of the House approved this year, spending will rise by more than 9 percent over last year. That's triple the rate of inflation!
House Democrats led by Speaker Nancy Pelosi (D-San Francisco) want to increase spending in fiscal year 2008 by $219 million a day. As of 2005, there were around 130 million Americans paying income taxes. In order to pay for the new spending, every one of these taxpayers would need to give an extra $615 to the government.
Breaking it down:
* That would buy American taxpayers more than 4.8 million tanks of gas per day
* This would pay for $100,000 homes for 2,190 families across the country every day
* Instead of paying for the Democratic spending increases, each taxpayer in the United States could buy 180 more gallons of milk a year
* Each taxpayer in the United States could go and see 61 movies rather than pay for Democrats reckless spending
* Taxpayers could put $500 in a retirement account each year and have money leftover, rather than pay for a tax hike
Congressman Tiberi takes his responsibility of seeing taxpayers money used wisely very seriously. He believes the federal government should reduce spending before increasing taxes, because he believes your hard-earned money should remain in your pockets rather than be sent to Washington.
The Senate must still pass the federal spending bills for 2008 and then any differences between their versions and the House versions must be worked out. The president has indicated he will veto bills that spend above levels he requested when he sent his budget to Congress.