Monday, March 16, 2009

Big Government is Back with a Vengeance

Congressman Tom Cole
Oklahoma's 4th District
March 9, 2009

Coming on the heels of a $789 billion stimuless package, and a $410 billion Omnibus spending bill, President Obama has now presented the nation with the largest federal budget in our nation's history. The staggering $3.5 trillion budget proposal will raise taxes, grow the size of government and increase our deficits over the next ten years.

The President's budget will increase taxes by $1.6 trillion over the next ten years. Marginal income taxes will be raised - hurting the very small businesses America needs to pull us out of recession. The marriage penalty will return, as will the death tax. And the tax deductibility of home mortgage interest and
charitable donations will be severely restricted.
Remarkably, despite the massive tax hikes, President Obama's budget spends every penny - and more. Today's national debt level is over $10 trillion. Under the President's budget the national debt will balloon to $23.1 trillion by 2019. To put this in perspective, the amount of debt proposed by this budget is more than the total amount of debt the United States has acquired from 1789 until today.
This unprecedented growth in the size and expense of the federal government is truly stunning. And what makes it all the more stunning is the absolute disconnect between the President's rhetoric and his actions. He and his liberal allies who control both houses of Congress pay lip service to fiscal responsibility, government transparency and ending government waste. These are all principles which members of both parties should be happy to work together to achieve. Unfortunately, the President's actions demonstrate that he has no such intentions. His actions make it abundantly clear that the failed economic policies of high taxes and limitless deficits are once again the order of the day. Indeed, the era of big government is back with a vengeance.
Abraham Lincoln once said, "You cannot escape the responsibility of tomorrow by evading it today." Those are wise words for Congress to consider as action is taken to get the economy moving. In the coming weeks the House and Senate will begin taking up portions of President Obama's budget proposal. This will be a new opportunity for members of Congress to push back, cut waste and trim the taxpayers' burden. I am willing to work with the President and those on the other side of the aisle to make sure the interests of American taxpayers are given first priority. Hopefully, they will play ball too.

“Why is it inflationary if the people keep their own money, and spend it the way they want to, [but] not inflationary if the government takes it and spends it the way it wants to?"
- - Ronald Reagan