This week, the President unveiled his $4 trillion budget for Fiscal Year 2016. But President Obama’s budget is much more than just a laundry list of policy priorities: it articulates his vision for expanding the size and scope of the federal government. Just before he sent his budget to Congress, the President touted it as “practical, not partisan.” But when you look closely, his proposals are far from practical. Below are some of our top concerns.
Tax Increases. The President’s budget proposal includes $2.1 trillion in new tax increases, and outlines a plan to raise another $1.5 trillion in new taxes over the next 10 years. Yet despite these tax increases, President Obama’s budget still never balances. Ever.
Instead, these tax increases are hitting small businesses, increasing the costs of hiring workers, and penalizing American families trying to save for the future.
Rising Debt. Overall, the budget is a 6.4% increase from the current year. President Obama’s policies outlined in the budget would add about $5.7 trillion to the debt over the next decade. And you can just add that to the existing $8 trillion. By 2025, interest payments alone will reach $800 billion per year.
To be economically secure, we need to have a balanced budget — and this proposal doesn’t do it. Instead of cutting out excessive programs, the President continues to spend money our country doesn’t have.
Out-of-Touch Spending Priorities. America’s budget should be balanced like a family budget – considerate of priorities, and understanding of sacrifices. However, the President’s nearly $4 trillion budget is neither balanced nor reflective of Americans’ needs.
American families are concerned about growing our economy and creating jobs — yet the President throws $11 billion towards energy projects, including $7.4 billion to fund clean energy technologies. Can somebody say “Solyndra?”
The silver lining? House Republicans have been ready and willing to compromise with the Obama Administration. And there are some points in the President’s proposals that give us sign for hope. A 4.5% increase in military spending and a renewal of domestic infrastructure projects is a good start.
But for the most part, the budget we received this week was a continuation of the President’s top-down approach — and little more than a wishlist for his own priorities.
For our country’s economy to grow, we need solutions that will cut unnecessary government regulation and allow Main Street to flourish. We want hard-working Americans to keep more of their paychecks — not lose them to taxes. We are growing an Opportunity Economy, not Washington, D.C.’s economy. We are here to empower people, not government.
The budget is lengthy and complex — and we have a lot of work to do — but we are eager to find solutions together — the White House and Congress, Democrats and Republicans. Let’s get to work.