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Washington D.C.- Congressman Jeb Hensarling (R-TX), Chairman of the Republican Study Committee, issued the following statement after the Democrat controlled House of Representatives passed H. Con. Res. 99 – the FY2008 Budget –which sanctions the largest tax increase in American history:
“It’s said that sequels are never as good as the original, but today the Democrats have proven that notion false. The last time the Democrats controlled Congress, they imposed the largest tax increase in American history, and today they managed to top that dubious distinction. Though they get an ‘A’ for tax-and-spend consistency, they get an ‘F’ for fiscal responsibility.
“Sadly, the Democrats passed a budget that further chokes entitlement programs already gasping for air. By ignoring the unsustainable growth of Medicare, Medicaid and Social Security, the Democrats turn their backs on the $40 trillion unfunded liability of these programs, which amounts to $440,000 for every American family. That means that a little girl born today automatically inherits a full mortgage as she takes her first breath. Prioritizing the next election over the next generation in this way is reckless.
“The difference in vision between the two parties in Congress could not be more pronounced. As Speaker Pelosi and the Democrats imposed the largest tax increase in history upon families and failed to help protect Social Security from bankruptcy, Republicans offered a budget to preserve and protect Social Security, and balance the budget without raising taxes.
“Last year, campaign promise after campaign promise was made about a ‘serious commitment to fiscal responsibility.’ Today the Democrats broke that promise. They believe we can tax our way out of debt. They are wrong. We do not have a debt because Washington taxes too little; we have a debt because Washington spends too much, and it needs to stop. If families in America can tighten their belts, so too can Democrats in Washington.”
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