Over the last few weeks you've probably heard about the dire consequences if we fall off the "fiscal cliff.' This term refers to tax increases and automatic across-the-board spending cuts. If Congress and the White House do not avert the fiscal cliff, Americans will face a $494 billion tax increase on January 1, 2013.
The average household in the 7th Congressional District will face a $7,211 increase on their 2013 tax bill. That's over $7,000 that can't go toward your mortgage payment, gas and groceries, or your children's education. This is unacceptable, and I do not support raising tax rates on anyone.
District 7 need not worry -- I always keep my word -- I will not vote to raise taxes!
Republican Leader Eric Cantor spoke on the House floor today and assured the American public that the House will not adjourn for the year until we have passed a "credible solution" to the fiscal cliff. House conservatives are working hard for a solution, and I will protect the families in the 7th Congressional District.
The president's solution is to raise taxes on Americans making more than $250,000. This plan will raise about $53.7 billion, which is only enough to fund the federal government for five days. The president has also proposed $50 billion in new stimulus spending. Raising taxes and increasing spending is not a solution to our country's financial problems.
The only real solution and the only way to get our country back on track, is with spending cuts. Our massive debt exists not because tax rates are too low, but because the government spends too much.
With my support, the House has already passed a bipartisan bill that would stop the looming tax hikes. I urge my colleagues in the Senate to take up this bill immediately. I will continue to work with my colleagues on both sides of the aisle, but I will not compromise my core principles.