Tags: portman | weekly address | budget | balance

Sen. Rob Portman: Obama Budget 'Never Balances'

By    |   Saturday, 07 Feb 2015 10:15 AM

The $4 trillion budget for 2016 and beyond that President Barack Obama unveiled this week is a 2,000-page blueprint for enlarging national debt and creating annual deficits that literally never end, Sen. Rob Portman said in the Republican Weekly Address.

"Instead of proposing polices that would help grow the economy, President Obama’s budget grows the government," said Portman. "And his budget never balances. Not in five years. Not in ten years. Not ever."

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The Associated Press reports, "Obama's budget never reaches balance over the next decade and projects that the deficit would rise to $687 billion in 2025 [from $474 million in 2016]."

The budget immediately became a political football, with Republican leaders on Capitol Hill panning it as a partisan wish list larded with tax hikes, spending sprees, and a costly student loan bailout.

"It's no secret that Washington is addicted to overspending, but, boy, the numbers are now simply staggering," said Portman. "Every year of the Obama presidency, the federal government has spent hundreds of billions of dollars more than it takes in, and those massive yearly deficits, they add up.

"In the first six years of his administration, President Obama has added a record $7.5 trillion to the national debt," said Portman. "To put that in perspective, that’s about $60,000 in new debt for every American household. By the end of his presidency, President Obama will have added nearly as much debt as every previous president in history — combined."

The plan would add another $1 trillion to the national debt over the next decade.

Even so, the budget also raises taxes — by a record-breaking $2.1 trillion, said Portman

"In fact, the President’s budget proposal has the highest income tax burden on American families in our nation’s history and even that can’t keep up with his new spending," he said.

The administration's view is that deficits will remain under control through 2025, although the president made no mention of spending restraints in a pre-Super Bowl interview with NBC, two days ahead of his budget proposal's release.

"My job is not to trim my sails and not tell the American people what we should be doing, pretending somehow we don't need better roads, that we don't need more affordable college," he said.

Portman said that Obama has failed to make necessary "tough choices" with this budget, and he called it a continuation of economic and fiscal policies that have done little for the ailing U.S. middle class.

"Our debt hangs over our economy like a wet blanket, smothering opportunity, making it harder to create an environment where good-paying jobs can thrive," said Portman.

Portman said that "slugging growth" in an economy the president insists is back on track "is hitting the American people where it hurts the most—right in our wallets.

"President Obama says the economy is back on track, but people aren’t feeling it—and for good reason," he said. "Wages are flat, even declining, while costs—for healthcare, food, education—they’re rising. The middle class squeeze is very real.

"In fact, since President Obama took office, middle class families have seen their incomes drop by an average of 8 percent. And half of that decline has occurred even after the experts told us the last recession was over," said Portman.

"It’s not just we’re treading water; we’re actually sinking. Something has to change," he said.

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The $4 trillion budget for 2016 and beyond that President Barack Obama unveiled this week is a 2,000-page blueprint for enlarging national debt and creating annual deficits that literally never end, Sen. Rob Portman said in the Republican Weekly Address.
portman, weekly address, budget, balance
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2015-15-07
Saturday, 07 Feb 2015 10:15 AM
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