Today Congressman Walter B. Jones (NC-3) commented on the Obama administration's proposal for resolving the "fiscal cliff'. The administration shared the proposal during closed door discussions with congressional leaders on Capitol Hill yesterday. According to press reports, the proposal's main features include:
$1.6 trillion in tax increases, including increases in death tax rates, capital gains rates, dividend tax rates, and marginal tax rates for top earners;
unspecified entitlement cuts of $400 billion;
$50 billion in new "stimulus' spending; and,
a permanent end to congressional control over the debt limit.
"This is ridiculous," said Congressman Jones. "It's time for the president to get serious. America is broke because Washington spends too much. Proposing to address the problem through small, token spending cuts and massive middle class tax hikes is just irresponsible. I have proposed several specific cuts that I am willing to make, including: eliminating foreign aid and the federal Department of Education; halting the bailouts of Fannie Mae and Freddie Mac; repealing Obamacare; reforming entitlements; and stopping the war in Afghanistan. The administration would be well advised to consider these."
"The president's proposal to permanently remove Congress's control over the debt limit is outrageous. The administration should read the Constitution: Congress has the power of the purse, not the president. This is just another example of the administration attempting to steal power granted to the Congress by the Constitution. Frankly, this is why I introduced H.Con.Res. 107 -- to make it clear that if the president oversteps the Constitution, it's grounds for impeachment."