U.S. Rep. Charlie Dent (PA-15) today opposed H.Con.Res 85, the FY2010 Budget Resolution, which will lead to job-killing tax increases and massive spending increases that would raise the nation’s debt to unprecedented levels.
“The House majority’s proposal taxes too much, spends too much and borrows too much,” Congressman Dent said. “The budget contains at least $1.4 trillion in tax increases, yet still yields a projected 2009 deficit of $1.8 trillion (12.3 percent of GDP). This is the largest deficit as a portion of our economy since 1945, the last year of World War II.”
Congressman Dent noted the Democratic budget proposal increases the national debt by $2.7 trillion this year to $12.7 trillion; it doubles the national debt in 5 years and triples it within 10 years. The budget proposes an increase in discretionary spending of $71.7 billion for 2010, excluding emergencies. This is a 6.5 percent increase above the 2009 enacted level – and a 9 percent increase in non-defense/non-veterans spending.
Taxes in the majority’s budget plan increase by at least $1.4 trillion, including taxes on investors, small business and energy. Most troubling, Congressman Dent said, is that the budget assumes at least $646 billion in new revenues from a “cap-and-tax” energy proposal, which would cap greenhouse gas emissions from regulated entities and require businesses to purchase permits or “allowances” for their emissions. This costly mandate will be passed on to consumers in the form of higher energy costs – up to $1,600 per household.
“This would create a burden on our manufacturing base and raise Americans’ energy bills at a time when we can ill-afford it,” Congressman Dent said. “Any ‘green’ jobs created would not be enough to offset the millions of existing jobs lost as a result of these energy taxes, nor would they provide workers enough money in the short-term to pay inflated energy bills.”
“Overall, this budget proposal’s negative effects of taxes and spending causes more harm than good,” Congressman Dent said. “Right now, American workers need jobs, our job-creating sector needs all the help it can get, and our runaway spending needs to be curtailed. I cannot support a fiscal plan that fails to address these issues, and in fact adds to our problems.”