Reed Frustrated by President Obama's Proposal for Nearly $1.6 Trillion in Tax Increases; Calls Unbalanced White House Proposal for Averting the Fiscal Cliff "Political Posturing"

Statement

Congressman Tom Reed today voiced his concern that the President's proposal to avoid the looming fiscal cliff fails to provide a serious solution to avert the crisis by balancing revenues and spending reforms.

"I was much more optimistic two weeks ago than I am today that we will be able to come together for a bipartisan compromise," Reed said. "Except for a massive proposed tax increase that goes beyond the top two percent, the President's proposal is the same one which was rejected unanimously by both Democrats and Republicans in the Senate and House earlier this year."

"Raising taxes just to put more toward additional federal spending hurts our economy and does nothing toward solving our debt crises," Reed explained. "As I have said before, we in the House are ready to work in a bipartisan manner and we have been outspoken in our offer to consider new revenue so long as it goes to pay debt and is coupled with spending reforms which lead to a long-term solution to our fiscal and entitlement crisis.

"I am very frustrated and concerned about the future of America if the White House doesn't abandon its political maneuvering," Reed said. "I hope the President will work with us to find common ground and identify a long-term solution."

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