Senator Dan Coats (R-Ind.), senior Senate Republican on the Joint Economic Committee, today made the following statement regarding President Obama's budget proposal, which arrived on Wednesday two months past the statutory deadline.
"The president's budget proposal is a case of "the good, the bad and the ugly,'" said Coats. "I am pleased the president is finally starting to recognize the critical need to address the spiraling costs of mandatory spending programs by offering some modest changes. This is a start, and I am committed to working with my colleagues to restructure our health and retirement security programs to keep them solvent and preserve them for future generations.
"However, the president's budget fails to deliver a clear plan to reduce the dangerously-high $16.8 trillion debt and instead increases net federal spending," added Coats. "Even worse, the administration proposes to pay for this additional stimulus spending with more tax increases on Americans. With roughly $1 trillion of tax hikes about to begin to pay for Obamacare, the last thing our fragile economy and Hoosier taxpayers can afford is yet another tax increase."
Excluding presidential transition years, this is the latest in history that a budget has ever been submitted (65 days) since the Budget and Accounting Act created the submission requirement in 1921. And for the first time in the history of the modern congressional budget process the White House submitted its budget after congressional budget plans already have been voted on in the House of Representatives and the Senate.
"The president's budget arrives far later than it should, as both the House and Senate have already considered our respective budget resolutions," said Coats. "Now that the House Republicans, Senate Democrats and the White House have put forward budget plans, it is time to get to work on a serious long-term fiscal plan that will grow our economy and address the chronic unemployment crisis that continues to plague our country."
Coats also spoke on the Senate floor this morning and continued his push for Congress and the administration to work on a long-term financial plan.