Today, the President unveiled yet another proposal focused on spending too much, taxing too much and borrowing too much.
While the President issued some tough talk on fiscal responsibility during his State of the Union address last Wednesday, the Administration seems to be singing a different tune this week.
The White House’s budget proposal for the fiscal year 2011 will double debt and set unprecedented spending and deficit records. The President said he wants to lower our deficits, but this budget will push the deficit to a record setting level of $1.6 trillion. Not only will this budget raise our overall national debt, but the Administration estimates it will raise taxes by over $2 trillion through year 2020.
With so many families in South Carolina and across the nation tightening their purse strings and taking a hard look at their spending habits, isn’t it time for the Administration to do the same?
We can improve our nation’s financial stability and lower our national debt, but it cannot happen as long as Washington is on a spending spree. We can restore fiscal discipline by focusing on commonsense solutions, such as refunding the taxpayers for TARP and passing a strict budget cap that limits federal spending.
Congressman Barrett represents South Carolina's third congressional district and serves on the House Committee on Financial Services.