Tags: Barack Obama | Economic- Crisis | Jordan | Obama | budget | deficit

RSC's Jordan: Obama's Budget Too Much Deficit, Too Little Leadership

Monday, 14 Feb 2011 12:23 PM

Rep. Jim Jordan assailed President Barack Obama’s $3.73 trillion budget today as too much of a bad thing — three bad things, actually: spending, taxing, and borrowing. Toss in too little leadership, and the president basically is letting Americans down, said the Ohio congressman who chairs the Republican Study Committee.

Jim Jordan, Ohio, Republican, Obama
Rep. Jim Jordan, R-Ohio
“Thanks to House conservatives, the spending culture in Congress is beginning to change,” Jordan said. “The White House still hasn’t gotten the message, however. Even as Americans are looking for Washington to cut back, President Obama wants to burden families and employers with higher taxes, more spending, and more debt."

Obama also “failed a crucial test of leadership” in his budget by not addressing reforms needed to preserve Medicare and Social Security for the future, Jordan said, adding, “These safety-net programs are in serious trouble without significant reforms, yet this budget has nothing to say about the problem.”

“House Republicans are working to reduce spending and put the country’s budget back on the path to balance,” Jordan said. “Americans know that prosperity does not spring from government’s power to tax, borrow, and spend. We need to rein in Washington’s massive spending deficits and give American job-creators the freedom to grow once again.”

Jordan boils down Obama’s budget to this troublesome trio:

Too much spending
  • The $3.8 trillion this year in spending for the fiscal year amounts to 25.3 percent of GDP, the highest level since World War II
  • The $46 trillion in spending over the decade includes $8.7 trillion in new spending
Too much taxation
  • It calls for a $1.6 trillion tax hike on families, small businesses, and job creators
  • Revenues as a percent of GDP climb to 20 percent
Too much borrowing
  • The $1.6 trillion deficit for fiscal 2012 is a record third straight trillion-dollar deficit
  • The budget doubles and then triples the debt the public holds since Obama took office
  • It adds $13 trillion to the debt over the decade.

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