Today, Congressman Jim Renacci (OH-16) released the below statement in response to President Obama's remarks addressing his new budget plan. President Obama initially released his FY 2012 budget plan on February 14, 2011--a plan that would increase taxes by $1.5 trillion over the next ten years, maintain job-crushing regulations on small businesses, and do nothing to reduce our debt. Last week, House Budget Committee Chairman Paul Ryan released his budget plan for FY 2012. It would eliminate roughly $800 billion in tax increases stemming from ObamaCare, provide stability to the tax code, protect Medicare and put the budget on a path towards fiscal responsibility through over $6 trillion in spending cuts.
"Today, the President finally resurfaced in the budget debate after abdicating any and all leadership on the debt crisis in recent months. Yet he once again seems to be paying lip service to this crisis rather than presenting tangible, credible ideas to help restore order to the federal balance sheet. The President's proposal to reduce borrowing by $4 trillion over the next 12 years falls short of targets set by both the House Republican budget plan and the President's own deficit commission. In addition, after acknowledging just months ago that tax hikes would harm the economy, his proposal today to raise taxes on small business owners is as senseless as it is hypocritical. Our nation's debt crisis was not born out of a lack of revenues but rather out of an excess in spending, and it is my hope that the President will finally demonstrate to the American people that he has learned from his fiscally reckless mistakes of the past and will abandon his tax and spend agenda that has brought us crippling unemployment and record setting deficits."