Fiscal Cliff Update

Statement

By:  Pete Sessions
Date: Dec. 18, 2012
Location: Unknown

This week, House Republicans remained united in our desire to avoid the fiscal cliff and committed to a proposal that does not harm job creation, investment and innovation. Unfortunately, the President continues to insist on raising taxes on families and small businesses. I strongly believe that in order to get Americans back to work, we must allow the free-enterprise system to thrive.
Throughout negotiations, the President has failed to show willingness to make serious reductions in federal outlays. It is critical that we make spending cuts today to prevent our nation from continuing to have unsustainable levels of debt and annual deficits. Just before President Obama took office in 2009, White House figures show that the federal budget was $2.9 trillion. Next year's estimated budget is over $3.8 trillion -- a 31% increase in total federal spending in just four years. It is impossible to offset this level of spending by raising taxes.