stephanie
03-11-2008, 12:49 AM
by Brian M. Riedl
WebMemo #1842
Despite healthy tax revenues and federal spending that tops $25,000 per household, the House Democratic majority has proposed a fiscal year (FY) 2009 federal budget that:
Raises taxes by $1.265 trillion over five years and $3.911 trillion over 10 years, or more than $3,135per household annually;
Includes 17 reserve funds that could be used to raise taxes by hundreds of billions more;
Increases discretionary spending by 8 percent and does not terminate a single wasteful program; and
Completely ignores the impending explosion of Social Security, Medicare, and Medicaid costs.
The White House has responsibly pledged to veto legislation with tax and spending increases that would follow from these proposals. Congress should start over and write a budget that does not raise taxes on American families or businesses, is in line with the President's spending proposals, and addresses the coming entitlement tsunami. Anything less would likely worsen the economic downturn, make it more difficult for families to make ends meet, and kick serious budget challenges further down the road.
http://www.heritage.org/Research/Budget/wm1842.cfm
WebMemo #1842
Despite healthy tax revenues and federal spending that tops $25,000 per household, the House Democratic majority has proposed a fiscal year (FY) 2009 federal budget that:
Raises taxes by $1.265 trillion over five years and $3.911 trillion over 10 years, or more than $3,135per household annually;
Includes 17 reserve funds that could be used to raise taxes by hundreds of billions more;
Increases discretionary spending by 8 percent and does not terminate a single wasteful program; and
Completely ignores the impending explosion of Social Security, Medicare, and Medicaid costs.
The White House has responsibly pledged to veto legislation with tax and spending increases that would follow from these proposals. Congress should start over and write a budget that does not raise taxes on American families or businesses, is in line with the President's spending proposals, and addresses the coming entitlement tsunami. Anything less would likely worsen the economic downturn, make it more difficult for families to make ends meet, and kick serious budget challenges further down the road.
http://www.heritage.org/Research/Budget/wm1842.cfm