| FOR IMMEDIATE RELEASE | Contact: David Ward |
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| March 7, 2008 | (202) 225-3484 |
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| WASHINGTON – Today, Congressman Jeb Hensarling (TX-05) voted against the House’s 2009 budget, which weighed in at nearly $3.1 trillion. It also contains the largest tax increase in American history. “There has been a lot of talk about fiscal responsibility lately, but unfortunately, there is not a trace of it in this budget,” Congressman Hensarling said. “By failing to prevent scheduled tax increases, as well as reinstating the marriage penalty and reducing the child tax credit, Chairman Spratt’s budget will impose an average tax hike of over $3,135 annually per American family. “That is $3,135 that your family could put towards a down payment on a home, college tuition, or a new car. But instead, this budget asks American families to place an extra three grand in the fiscally irresponsible hands of the federal government so Washington can continue its reckless spending spree and fund special interest projects in the form of earmarks.” In response to the Democrat budget, House Republicans offered an alternative proposal that would balance the budget in 5 years without raising taxes and addresses the dire need for entitlement reform by making these programs more responsive, flexible, and sustainable. In addition, the Republican budget places a moratorium on congressional earmarks for the remainder of the 110th Congress, and dedicates the $14.8 billion in savings to keeping taxes low and balancing the budget. It will also increase veterans funding by $1 billion more than the Democrat budget. “The American people have wised up to the fact that too often Congressional earmarks are about using their paychecks to preserve a Congressman’s or Senator’s paycheck,” Congressman Hensarling said. “They realize that the earmark process is broken. All too often, the process represents the triumph of secrecy over transparency, the special interest over the national interest, and seniority over merit. Democrats claimed they would clean up the earmark process, but the taxpayers still see campaign contributions coming in one end and earmarks coming out the other.” In addition to increasing taxes on hardworking Americans in order to fund wasteful spending, the Democrat budget fails to address one of the biggest problems currently facing America- entitlement reform. Medicare, Medicaid, and Social Security are dangerously close to bankruptcy, placing the secure retirement of millions of Americans in jeopardy if they are not reformed soon. According to the Comptroller General, every year Congress fails to reform Social Security and Medicare, $2 trillion is added to the next generation’s tax bill. In fact, these programs account for so much spending that, according to recent analyses, the next generation will face a choice between two evils – a crushing tax burden that is double what we pay today, or a federal government that consists entirely of Medicare, Medicaid and Social Security. “At a time when Texans are feeling the squeeze of the economy in their daily lives, it is absurd to ask them to send more of their hard earned money to Washington, and it is absurd to roll the dice with the retirement funds of America’s seniors,” said Hensarling. Congressman Hensarling, is Chairman of the Republican Study Committee and principal author of the American Taxpayer Bill of Rights, which represents a renewed contract with all Americans to restore accountability to Congress. “I will continue my effort to bring fiscal accountability to Washington, and always defend your right to keep your hard earned money in your pockets, where it belongs,” Hensarling concluded. |