MANCHESTER – Americans for Prosperity – New Hampshire (AFP-NH) is reacting today to President Obama’s budget. The plan, which includes $1.058 trillion for discretionary spending for the 2014 federal fiscal year, was released this morning.
“The budget the President released today places our nation’s economy upon a stool with three legs – increasing spending, raising taxes and never balancing the budget. I fear this budget places our economy in a precarious position in which the stool could easily be toppled over,” said Greg Moore, AFP-NH State Director. “The budget includes what amounts to a $580M tax increase on the American public while our economy and with it many families and businesses are still struggling. At the same, it doesn’t balance and continues to mortgage the future of our next generation with extraordinary debt to pay for dubious spending now.”
The budget, which missed the deadline in federal law for introduction by over two months, proposes $1.8 trillion in deficit-reduction measures over 10 years. However, by eliminating the $1.2 trillion in sequester savings that the President’s budget brings back, that number drops to just $600 billion, roughly the same size as the budget’s proposed tax hikes.
“This budget is late, irrelevant, and not up to the task,” Moore added. “It creates new spending plans that will be ineffective and unaffordable, hurts America’s long-term economic growth, and attempts to achieve deficit reduction almost exclusively through higher taxes. In addition to raising taxes on the middle class and never balancing the budget, this proposal will slash Medicare rather than reform a program that our seniors depend on, which, in turn, will drive health care costs up as well. This budget is bad news for any American who had hoped for real reform from the President.”