Congressman Leonard Lance (NJ-07) issued the following statement today in reaction to President Obama's economic speech.
"I am pleased that the President is turning his attention to runaway federal spending and our Nation's crushing levels of debt. However I do not support his call to raise taxes. I believe Americans -- and more specifically, New Jerseyeans -- are already taxed too much. And higher taxes will have a negative impact on job creation and investments, thus making it harder to pay down our debt.
"Washington does not have a revenue problem; it has a spending problem. The President needs to work with Congress on a long-term deficit reduction plan that reduces spending without raising taxes and harming our efforts to create jobs and revitalize our economy."
For his part, Congressman Leonard Lance has long been a champion of putting our Nation's fiscal house in order and expanding the economy through lower taxes, reduced spending and cutting our debt and annual deficits.
Lance opposes higher taxes on New Jersey's working families and businesses. He supports rolling back spending to 2008 levels or lower and recently voted for a 2011 budget that includes one of the single largest annual spending cuts in history. Congressman Lance is an original sponsor of a balanced budget amendment to the U.S. Constitution and will oppose raising the debt limit without first passing a real balanced budget plan that puts the Nation on a glide path toward fiscal responsibility.
Congressman Leonard Lance is the author of New Jersey's "Lance Amendment" that forbids state borrowing without voter approval. The Seventh District lawmaker has called the Lance Amendment, which was approved by each of the state's 566 municipalities in 2008, "my proudest accomplishment in Trenton."