U.S. Congressman Kevin Brady (R-TX), the chairman of the Joint Economic Committee and a senior member of the House Ways & Means Committee, issued the following statement today on President Obama's speech calling for higher taxes to put off automatic spending cuts known in Washington as "sequester":
"Up through New Year's Day, President Obama repeatedly promised the American people a "balanced' approach to our deficit crisis, proposing $3 in spending cuts for every $1 of new tax revenue. Well, Mr. President, you got your higher taxes, now where is the $1.8 trillion in new savings you promised?"
"And if you're hoping to double count the cuts signed into law long ago during the last debt ceiling debate, forget it. Taken together, by my count you owe the American people nearly $3 trillion in savings to our bloated, wasteful federal budget. Instead of new taxes, when will you keep your promise to cut spending?"
"When will you join with House Republicans to insist that Washington tighten its belt as so many families and small businesses already have?"