Dr. Dan Benishek (MI-01) today reiterated his strong support for significantly reducing federal spending to diminish the national debt and address the nation's looming fiscal crisis.
"America's staggering deficits are hurting job creation in Northern Michigan and steering our country toward bankruptcy. Our federal government doesn't have a tax problem, it has a spending problem. We are not going to address the nation's long-term fiscal challenges until we reduce this wasteful spending," said Dr. Benishek, a general surgeon from Iron River.
Recently, House Leadership offered a compromise plan to avert the so called "fiscal cliff" that will save the federal government $2 trillion by reducing spending and reforming the federal tax code. This plan contains $1.2 trillion in spending cuts and raises federal revenue by $800 billion by enacting real tax reform that will eliminate loopholes and special giveaways. Shortly after the compromise was sent to the White House, the Obama Administration rejected this offer.
"Frankly, President Obama has not been serious about reducing spending and is refusing to compromise. Instead, he has been fixated on raising taxes. But his tax increases will only fund the government for 8 days. That's not a plan to address our debt crisis. The President claimed when he was elected that he would "cut the deficit in half' in his first term. That hasn't happened. Instead, we have added more than $4.9 trillion to the national debt with items like his stimulus bill. We just can't keep spending money we don't have," observed Dr. Benishek.
The federal government's debt has grown by almost 50 percent since 2009. The national debt was $10.6 trillion in January 2009, and currently stands at $16.3 trillion--an increase of $5.7 trillion.
"This type of massive debt is putting America's future at risk. We can't keep mortgaging our children's future. I urge the President to come to the negotiation table with a real plan to reduce our borrowing and wasteful spending. We need to work together to reduce these deficits and get this economy moving again," added Dr. Benishek.