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Public Statements

Requirement in Budget Submission with Respect to the Cost Per Taxpayer of the Deficit

Floor Speech

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Date:
Location: Unknown

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Mr. YOUNG of Indiana. Mr. Speaker, I rise today in support of my friend, neighbor, colleague, and fellow Hoosier, Mr. Messer, and his bill, H.R. 668.

This legislation would require the President's budget proposal to make clear the per-taxpayer cost of any budget deficits. We have repeatedly heard President Obama proclaim his desire to have the most transparent administration in history. In furtherance of that objective then, this should be welcome legislation to all parties.

To many Americans and to many of my colleagues, Federal budgeting might seem like an abstraction, and thus unimportant because dollar amounts in terms of billions and trillions of dollars are beyond normal human comprehension. Most people just don't think in those terms. In fairness, most of us don't think in those terms, so let's clarify this process by bringing these numbers down to the individual level. Let's tell the American people, for example, under the President's last budget, you owe $7,000 just to cover the deficit. That resonates. Folks get that. The math is pretty simple. The median income in Indiana is around $45,000. Income and payroll taxes will eat up about $9,000 of that.

People will understand what it means when you tell them that, under the President's budget, you need almost 20 percent more per year per Hoosier just to balance the budget.

Now, this is important. Contrary to some of the things we heard earlier, maybe this bill will even help incentivize those who are drafting budgets in the future to put together budgets that actually balance at some point in the distant future so that we don't have to rely on these suboptimal cutting gimmicks, like the President's sequester, to, in some way, get spending under control.

We know revenue will double over the next 10 years. We know we have a spending problem, not a revenue problem in this country, so it's time the Federal Government--and the White House, in particular--comes clean about the direct impact of our Federal deficits on our Nation's families.

So I urge my colleagues to support this measure of good government by voting ``yea'' for H.R. 668.

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