House Budget Committee chairman Paul Ryan (R., Wis.) slams President Obama’s latest deficit-reduciton “plan,” which include a $1.6 trillion tax increase and little else in terms of meaningful savings, in a statement:
The President’s partisan speech and misguided proposals are disappointing, but not surprising. Having overseen an unprecedented surge in government spending – from his failed stimulus law, to the creation of new trillion-dollar health entitlements, to double-digit percentage increases in the budgets of many federal agencies – the President has finally admitted that he plans to send the bill for Washington’s reckless spending straight to American businesses and families. A $1.6 trillion tax hike on job creators is never a good idea. But taking more money from private savers and investors, and giving it to the same government bureaucrats who brought us the Solyndra debacle, is an even worse idea – especially in a weak economy.
Unfortunately, none of the President’s proposals this year – from his February budget to his April budget speech, to his recommendations today – offers a credible plan to lift our crushing burden of debt while restoring economic growth. Instead of renewed prosperity, the President has offered us a plan for shared scarcity. The nation deserves better.