U.S. Congressman Phil Gingrey, MD voted in opposition to the $3.6 trillion budget for FY 2010, calling instead for a more responsible and taxpayer-friendly plan. Congressman Gingrey supported two Republican budget alternatives that would have drastically reduced spending and enacted real tax relief to get our economy back on track while cutting the national deficit.
"President Obama, Speaker Pelosi, and the Democratic Majority have promised a new era of fiscal responsibility - if this budget is any indication, I fear an era of recklessness and excess," said Gingrey. "In the short-term, the $3.6 trillion Democratic budget taxes too much, borrows too much, and spends too much - consuming nearly 30% of our nation's economy. And in the long-term, the budget is simply unsustainable - doubling the nation's debt in five years and tripling it in ten. In an attempt to try and spend our way out of today's economic crisis, this budget proposes to rob Peter to pay Paul, leaving future generations to foot the bill."
"Republicans - on the other hand - offered two budget alternatives that would have curbed government spending and controlled debt - without piling trillions of dollars on our children and grandchildren. Our budget alternatives also would have cut into wasteful federal spending and instituted real solutions that empower families, small businesses, and entrepreneurs by allowing them to keep more of what they earn. Instead of imposing a $1.5 trillion tax hike on the cornerstones of the American economy - as proposed in the Obama budget - the Republican alternatives would have permanently extended the 2001 and 2003 tax cuts. Our plans also would have stopped the hidden increase in energy costs which we are facing with President Obama's cap and trade' program."
"The Republican budget proposals would have further encouraged investment by suspending the capital gains tax through 2010, freeing up capital that would otherwise be off the table. And it would have reduced the corporate tax rate from 35% - the second highest in the industrialized world - to 25% so our nation's job creators can afford to create, sustain, and grow jobs. Our proposals recognize that families across our nation are hurting and the government has a duty to be responsible with how it spends their tax dollars. Unfortunately, Congressional Democrats today twice rejected budget alternatives that would have restored fiscal responsibility and put money back into the hands of the American people."