As some of you know, the President met with members of the Minority last month to address our concerns about a variety of topics including our ballooning budget deficit and the need to work in a bipartisan fashion. While I appreciated the President's willingness to discuss these issues face to face, it appears that a lot of lip service is being paid to the dangerous financial path our country is heading down and the willingness of the Majority to work across party lines.
This past week the President released his budget outline for Fiscal Year 2011. His proposed budget comes in at $3.8 trillion and increases taxes on American families by more than $2 trillion over 10 years. The numbers are clearly staggering. The White House also predicts a $1.6 trillion budget deficit, a new record, for the fiscal year that ends September 30. We will be borrowing 42 percent of the money we spend this year. This is not sustainable.
With our nation's every increasing budget deficit and debt, the House voted this week to increase the nation's credit card limit by $1.9 trillion. The issue of containing our nation's debt and getting our fiscal house in order is not a red or blue issue. It is an American issue, and is going to require both parties to work together and find bipartisan solutions to pay off the debt and deal with our budget deficits.
While the President said during his State of the Union address that he has plans to dig the country out of a "massive fiscal hole," that is simply not the case and it is going to be current American taxpayers and future generations who will end up paying the bill. One of my biggest concerns is that as we continue to print money to try and buy our way out of our economic troubles, we run the very serious risk of massive inflation that will put even greater burdens on hard-working folks already having a difficult time making ends meet.
I give the President credit for his proposed spending freeze, but his freeze comes after he has signed appropriation bills and a failed stimulus that have increased non-defense discretionary spending by 84 percent over the past two years. He is freezing spending at record levels instead of cutting back to get our debt under control. Also his spending freeze proposal only applies to 13 percent of the budget and does not take effect until next year.
Since 2009, my fellow Republicans and I have consistently sought to bring fresh ideas to the table in order to improve the lives of hard-working Americans struggling to make ends meet, and we have presented the President with a copy of Better Solutions, our comprehensive solutions to address the nation's challenges. It includes our no-cost jobs plan, our strategy to achieve energy independence, a common sense approach to lowering health care costs and our plan on national security and financial regulatory reform. I am hopeful that you will take the time to take a look at the plan and offer feedback.
Any productive discussion to improve the lives of Americans during these tough times must be built on a two-way street and result in meaningful action. I will urge the President to consider our ideas so we can begin working to rein in runaway federal spending and advance policies that will put folks like you back to work.