Crapo: President Must Work With Congress To Address Debt Crisis, Failing Health Care Law

Statement

Comprehensive fiscal reforms and economic growth should top the list of priorities for the President and Congress over the next two years, said Idaho Senator Mike Crapo following tonight's State of the Union Address. Crapo, a senior member of the Senate Financeand Banking committees, says that the debt crisis is the most pressing issue currently facing the nation, and the next two years present an opportunity for the President to work with Congress to implement much-needed fiscal reforms.

"There is no question that our nation's burgeoning debt crisis continues to place a strain on the economy and the country's fiscal future," said Crapo. "Our national debt has grown nearly 70 percent since the President assumed office, now surpassing a staggering $18 trillion. Absent action, this dangerous level of debt poses a threat to our national security. Over time, the interest payments on the debt alone will soon threaten the federal government's ability to meet its most basic of functions.

"The President proposed several initiatives tonight which would further increase federal spending; as usual, his proposals lacked specifics on how to pay for these programs without adding to the deficit or increasing taxes on hard working Americans. Idahoans and Americans overwhelmingly want leaders who are committed to free enterprise and limited government, not a continuation of the last six year's irresponsible tax and spend policies," Crapo continued.

"We must prioritize fundamental tax reform focused on growth through lowering overall rates and compliance costs that will enable job creation. We would be hard-pressed to create a more expensive to comply with, unfair, inefficient and anti-competitive tax code than our current code. At the same time, we must also address the impending insolvency of our entitlement programs, which remain the biggest drivers of our national debt.

"As expected, we also did not hear much on how the Administration intends to address the many failures of the President's signature health care law. Obamacare has proven itself unworkable, has increased taxes on nearly every American and has pushed millions of Americans, including thousands of Idahoans, from their health insurance plans and preferred doctors.

"Areas exist where we can work together to create jobs, improve our economic outlook, reduce the regulatory burden on small businesses and find fixes for our broken health care system. It is long past time the President deliver on his promise to work with Congress in meaningful ways toconfront the many serious challenges facing our nation,"Crapo concluded.

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