Dr. Dan Benishek (MI-01) today commented on a recent report by the non-partisan Congressional Budget Office (CBO) that states President Obama's FY 2013 budget plan would slow economic growth in America.
"This report confirms that the Administration's budget plan will shrink our country's economy while increasing the size of the federal government. With unemployment above eight percent nationally and even higher in Northern Michigan, the last thing we should do is enact policies that will hurt economic growth," said Dr. Benishek, a native of Iron River and a doctor who worked in the Iron Mountain area for three decades.
The CBO report, released on April 20, 2012, indicates that President Obama's budget plan would shrink the nation's economy by as much as 2.2 percent in the long term. According to the report, such an economic slowdown would fuel even higher federal deficits which are projected with the President's budget plan. The budget proposal put forward by the White House in February 2012, increases taxes while adding $11 trillion more to the federal debt by 2022.
"This CBO analysis underscores that the budgetary process in Washington is broken. The President's budget was voted down in the House without a single vote of support, and the Senate has not passed a budget of their own in over three years. We need real solutions and real leadership from the White House and the Senate, not more spending and more debt," added Dr. Benishek.
"I supported the House budget plan because I believe it forces the government to live within its means and eventually allows for a balanced budget. I am not a budgetary expert, but I am confident that the best way to improve our nation's fiscal standing and spur economic growth is to reduce the federal debt, keep taxes low, and shrink the size of the federal government," stated Dr. Benishek.