President Missed Opportunity on Budget

Press Release

U.S. Senator Kelly Ayotte (R-NH) today released the following statement regarding President Obama's Fiscal Year 2012 budget proposal:

"I'm deeply disappointed that the president missed an opportunity to put us on a fiscally responsible path. While I continue to review the details, the bottom line is that this budget adds $13 trillion in new debt over the next decade.

"In the Senate, I will continue my push for a Balanced Budget Amendment to the Constitution. New Hampshire families live within their means, and it's time for the federal government to do the same."

THE PRESIDENT'S BUDGET: TAX HIKES, SPENDING INCREASES, MASSIVE BORROWING

Taxes:

In total, the president's budget imposes $1.6 trillion in new taxes on families, small businesses, and job creators, including:

$919 billion income tax hike
$118 billion death tax hike
$435 billion transportation tax hike

Spending:

Despite this year's $1.6 trillion deficit, the president still refuses to change course and reduce spending. Under his budget, which calls for a record $3.8 trillion in spending this year, the size of government will nearly double since the day he took office.

The ten year price tag for the president's budget:

$8.7 trillion in new spending
$404 billion in new entitlement spending, beyond assumed growth
A 24% increase in non-defense discretionary spending since 2008 (excluding stimulus)

Borrowing:

Despite the urgent need to rein in our runaway debt, the president's budget doubles debt held by the public by the end of his term and triples it by the end of the decade. Gross debt will eclipse the size of the entire economy this year and remain above 100% of GDP for every single year that follows.

The president's budget sets the stage for:

$13 trillion in new debt
$26.3 trillion in gross debt by end of the decade (107% of GDP)
$844 billion in annual interest payments on the debt by end of the decade

Source