Unlike his father, President George W. Bush sometimes is difficult to
understand. However, one issue about which he has been resolute and
consistent in recent times is taxes. In the past Bush did not veto
higher spending bills. In his entire first term and well into his second
President Bush did not veto a single bill. Even now he has vetoed only
three bills, two of which would have expanded embryonic stem-cell
research. His rationale for not exercising his veto power was that he
did not want to quarrel with the first Republican Congress since
1995-1996. He let Congress get by with profligate spending until
exasperated voters threw out the rascals in 2006.
Now, however, the President is more serious. When he had a Congress
which cut taxes every year he was in office, he did not veto spending.
This year, with a Democratic 110th Congress, Bush has said, "I will use
the veto to keep your taxes low." He has promised to veto 9 of the 12
congressional spending bills. Bush said on August 8 "If the majority
gets its way, American families, small businesses, will face a massive
tax hike. It would amount to the largest tax increase in American
history. Look, I recognize the Democrats control the Congress, and with
it the power of the purse. I also have some power, and it is called the
veto. And I have the votes in Congress to sustain vetoes, and therefore,
I will use the veto to keep your taxes low and to keep federal spending
under control." If only the President had thought this way when Congress
was controlled by Republicans it likely would have remained Republican.
Bush went on to say that, "Our economy prospers when we trust the
American people with their own paychecks."
The President noted that since 2003 our economy has added more than 8.3
million new jobs and has had almost four years of uninterrupted growth.
We continue to grow at a steady pace. Bush pointed out that tax cuts let
the American people keep their own money, which stimulates
entrepreneurship. Contrary to what Democrats preach, Bush said that when
people earn more money tax revenues may rise. In 2007 "Tax revenues are
expected to be $167 billion higher than last year because the economy is
growing."
Bush noted that, "Growing tax revenues combined with spending restraint
has helped us drive down the federal deficit, and we were able to do so
without raising taxes on the people who work, or without raising taxes
on small business owners or farmers."
Bush averred that Democrats in Congress want to increase taxes and
legislate additional government programs, "And I strongly oppose that
approach."
Congress recently passed a budget resolution that includes an extra $205
billion for discretionary programs over the next five years. "Now
somebody is going to have to pay for it. And that, of course, will be
the hardworking American people." Bush said that averages out to be
$112 million per day, $4.7 million per hour, $78,000 per minute. Put it
another way, it's about $1,300 in higher spending every second of every
minute of every hour of every year for the next five years.
The President stated that that is why he will use his veto pen. He has
threatened a veto of 48 bills passed since the Democrats assumed control
of Congress. The first bill he may veto is State Children's Health
Insurance Program (SCHIP), which narrowly passed in the House. When
President Dwight D. Eisenhower suffered a humiliating defeat in 1954 he
began to veto bills with a great fervor. Up to that point he had not.
However, a top-heavy Democratic Congress upheld almost every veto. The
present Democratic margins in both Houses of Congress are thin. There
likely are insufficient votes to override a veto. Let us hope we have
the opportunity to find out.
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