Politics

Budget Buster

Today, the House passed the Conference Report for the Democrat Budget Resolution for Fiscal Year 2009. The budget resolution reflects the agreement of the House and Senate and serves as internal guide to congressional action on legislation to implement budget policies.

The Democrat?s budget is fiscally irresponsible and increases total spending from $2.936 trillion in FY 2008 to $3.462 trillion in FY 2013. This is a total increase over five years of $526 billion or 18 percent. It contains a $21 billion increase in discretionary spending over the President?s budget.

This budget also increases taxes by $683 billion over the next five years. To offset this spending, the budget would increase individual income tax rates, cut the child tax credit, bring back the marriage penalty, reduce small business tax credits, and raise dividends and capital gains taxes. This budget further adds to our national debt. The current debt limit is $9.815 trillion. Under the Democrat?s plan, our country would be faced with an increase in the debt limit to $10.2 trillion. Lastly, there is nothing in this plan to address our nation?s serious entitlement crisis.
Sarah Beatty- Senior Legislative Assistant to Rep. Mike Conaway

Click here to watch Congressman?s statements on the House floor today regarding the budget resolution.

Full post as published by Mike Conaway's Blog on June 05, 2008 (boomark / email).