U.S. Senator John Thune (R-S.D.), Chairman of the Senate Republican Conference, today issued the following statement regarding the president's call for new taxes to avert the across-the-board spending cuts known as sequestration.
"President Obama's call for new taxes fails to address the nation's fundamental fiscal challenge, which is runaway debt that's crushing economic growth and opportunity," said Thune. "The president, who originally proposed the sequester, now believes that these spending cuts should be replaced with permanent tax increases. House Republicans have twice voted to replace the sequester with alternative, targeted savings and Senate Republicans have also put forward alternative spending cuts. Rather than continuing to raise taxes on hard-working Americans, Congress ought to be looking at ways we can reduce our runaway federal spending. Washington does not tax too little, it spends too much. The sooner the president realizes this, the sooner we can start working together to make smart spending reforms that grow the economy and create jobs."