Every day, Kentuckians tell me about the sacrifices they are being forced to make during these difficult economic times. Across the Fourth District, families are monitoring their spending more carefully and weeding out unnecessary expenses to streamline their budgets. It is unacceptable that Washington is not exercising the same kind of common sense as people throughout our Commonwealth.
Instead, Speaker Nancy Pelosi and Senate Majority Leader Harry Reid are taking Congress on a spending spree with the taxpayer credit card. The trillion dollar stimulus package (H.R. 1) and the $410 billion omnibus spending bill (H.R. 1105) that were signed into law earlier this year will cost each and every American household more than ten thousand dollars in new debt, all paid for by our children and grandchildren. In all, Congress has spent one billion dollars every hour for the last two months. Now, Speaker Pelosi and the House Budget Committee have come up with a budget plan for fiscal year 2010, based on the President’s blueprint, which will saddle every household with an additional $48,000 in debt by 2013.
Speaker Pelosi’s budget will spend nearly four trillion dollars next year. That is enough money to give every single American a check for $13,000. A Kentuckian could use that to pay for two years of tuition at Northern Kentucky University, or six years’ worth of groceries, or more than six thousand gallons of unleaded gasoline.
According to updated cost estimates from the nonpartisan Congressional Budget Office, Speaker Pelosi’s budget includes a whopping $1.9 trillion in tax increases. These tax increases will affect every American, from small business owners and 401(k) owners to senior citizens and middle-class families. As a result of a new “cap and trade” energy tax included in the budget, Americans will be taxed from the moment they turn on their coffee pots in the morning to the minute they turn off their lights to go to sleep at night. This energy tax is expected to increase the average family’s expenses by up to $3,100 each year. Additionally, Speaker Pelosi’s budget calls for billions in new taxes on small businesses that will all but freeze job growth in the U.S.
Running up the taxpayer credit card and raising taxes while our nation is in the middle of a recession is dangerous economic policy. Our government is spending money at a rate faster than families and small businesses can earn it and pay their taxes. As a result of Speaker Pelosi’s budget, we will accumulate more debt in the next ten years than we have incurred in the entire history of the United States. It is past time for Congress to make the same tough budget decisions that families in Kentucky must make every day.
I am committed to fighting for fiscally responsible, pro-growth policies that reward the kind of entrepreneurial spirit that has historically made our nation strong and competitive. Congress needs to implement a budget that will curb government spending, lower taxes for working families and immediately put our nation back on the path to fiscal stability.
Congressman Geoff Davis