Congressman John Boehner (R-West Chester) today released the following weekly column regarding the President's job-killing budget that spends too much, taxes too much and borrows too much, all while hurting Ohio. The full text of the column is below:
"Washington's out-of-control spending is hurting our economy and stifling job growth. The American people want it to stop. Unfortunately, it doesn't appear President Obama is listening. Last week I detailed my concerns regarding the President's proposed "spending freeze' that represents a step in the right direction, but isn't tough enough. This week those concerns were confirmed as President Obama unveiled another budget that spends too much, taxes too much, and borrows too much, all while hurting our already cash-strapped state.
"At a glance, the budget numbers are daunting. Under the proposed budget, the federal government would spend a record $3.8 trillion in the fiscal year beginning October 1. And it would also maintain the size of government for a second year in a row at 25 percent of Gross Domestic Product, a level that both liberal and conservative economists agree is unsustainable.
"Equally concerning is what the American people will get from all this government spending.
"More taxes. The proposed budget includes more than $2 trillion in tax hikes as our economy continues to shed jobs. According to the Joint Committee on Taxation, 44 percent of the $588 billion collected from increased marginal rates and limiting the value of exemptions and deductions will be on small business income. The budget also accounts for implementation of new taxes under the Democrats' government takeover of health care and their "cap and trade' national energy tax. The last thing American families and small businesses need right now are new taxes that make it harder to save, invest, and hire.
"More debt on the backs of our kids and grandkids. The federal government will run up a record budget deficit of $1.6 trillion in fiscal year 2010. Deficits never fall below $700 billion and end the decade at more than $1 trillion. This will cause the national debt to double over five years and triple in ten. Paying the interest on this debt would set American taxpayers back roughly $6 trillion over the next decade.
"And more financial burdens for our state. The budget projects $3.6 trillion in Medicaid spending over the next ten years, but fails to account for the increased Medicaid spending that will accompany enactment of the Democrats' government takeover of health care. This leaves states responsible for picking up the entire tab of extending Medicaid coverage to an additional 15 million people at a time when cash-strapped states are already struggling to maintain tight budgets. The Columbus Dispatch has determined this could cost Ohio at least $922 million over a five year period, and an additional $1.2 billion per year annually thereafter. That's why it's no surprise that lawmakers in Ohio and 34 other states have filed or proposed plans to reject health insurance mandates.
"The American people want to see an end to Washington Democrats' unprecedented spending binge, which is hurting our economy and stifling job creation. At the White House last December, Republicans called for bipartisan action now to stop Washington's out-of-control spending, and last year put forth an alternative budget that would get the job done.
"Even big government democrats know that something must be done to assure the American people that their concerns are being taken seriously. In the coming weeks there will continue to be talk of a bipartisan "debt commission.' Recently I spoke with Treasury Secretary Timothy Geithner, and I told him that Republicans stand ready to work with Administration and Democrats in Congress to make the tough decisions to get our fiscal house back in order. But any commission must be truly bipartisan, must be able to propose cuts to discretionary spending and it must not be subject to political pressures of waiting until the next election to unveil a report.
"We cannot afford to keep kicking the can down the road. Republicans and Democrats must find some bipartisan way to take real action to put an end to all the government spending. Scrapping a job-killing budget that spends too much, taxes too much, and borrows too much from our kids and grandkids would be a great start."