Hensarling: Obama Budget Detached from Reality

Statement

U.S. Congressman Jeb Hensarling (TX-05), chairman of the House Financial Services Committee, issued the following statement regarding the release of President Obama's budget for the 2016 fiscal year:

"Once again, President Obama has submitted a budget detached from reality. That is the only way to describe a budget that proposes increasing spending by seven percent next year alone, even though middle income American families are making less today than they did when he took office in 2009. There's nothing fiscally responsible about a federal budget that grows faster than the family budget.

"Our nation is headed for a spending-induced debt crisis if we don't stop spending money we don't have. Yet the president's budget does nothing to get us off this path to bankruptcy, which will leave American families with a downsized American Dream. In fact -- by removing the bi-partisan spending caps that Republicans and Democrats agreed to just three years ago -- all the president has really done is step on the accelerator, hurdling us that much faster towards financial oblivion.

"Paychecks belong to the hardworking people who earn them, not Washington. Yet the president's plan takes more money out of American's paychecks and gives it to Washington bureaucrats who'll spend it with no accountability. Even the president's liberal allies at the Brookings Institution and the Urban Institute believe his budget's tax increases will hurt the very middle income Americans he claims to champion. His proposed tax on lending, they agree, will lead to lower wages and be passed down to workers. We don't need higher taxes that trickle down to middle income Americans. We need more accountable government spending.

"It's a sad commentary on President Obama's fiscal leadership -- or lack thereof -- when the most positive thing that can be said about his budget is that it was at least submitted on time this year."

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