Last night Congressman Walter Jones (NC-3) voted against H.R. 8 -- the so-called "fiscal cliff" deal negotiated by the White House and leaders of the U.S. Senate at the last minute behind closed doors. Despite 150 House Republicans joining Congressman Jones in voting no, H.R. 8 still passed by a vote of 257 to 157. The bill, which the Senate approved earlier on Tuesday, is expected to be signe by the president today.
The Congressional Budget Office's analysis shows the bill will raise the federal debt by nearly $4 trillion. In addition, the bill includes over $40 in tax increases for every $1 in spending cuts. This comes at a time when America's federal debt is nearly $17 trillion, and federal deficits have clocked in at over $1 trillion a year for each of the past four years.
"I'm tired of seeing Congress and the White House rob our children and grandchildren," said Congressman Jones. "America is nearly broke financially because its political leadership keeps passing bills like this that simply kick the can down the road. $40 in tax increases for every $1 in spending cuts? Adding $4 trillion to the debt? Are you kidding?"
"The way this deal went down reinforces what America hates about the way Washington is being run," continued Congressman Jones. "Backroom deals done in the middle of the night at the zero hour are never good for the American people. This will be no exception. We're already hearing that millions in special corporate welfare subsidies were included for Hollywood, algae producers, electric motorcycles and many others."