Thompson: “It’s Astounding that the President has Chosen to Double Down on the Same Failed Policies”
Washington, D.C. – U.S. Representative Glenn ‘GT’ Thompson today released the following statement on President Obama’s Fiscal Year 2013 budget request:
“Today the President put forward a budget that spends more, taxes more, and ignores the threat that massive deficits pose to the long-term vitality of our economy,” said Rep. Thompson. “After managing the three largest annual deficits in the country’s history and 35 consecutive months with unemployment at 8 percent and above, it’s astounding that the President has chosen to double down on the same failed policies.”
Last week, the Congressional Budget Office (CBO) released its annual Budget and Economic Outlook. CBO projected that, under the current fiscal path, the federal government’s budget deficit will exceed $1 trillion for the fourth year in a row, economic growth will remain sluggish and the unemployment rate will exceed 9 percent next year. “Without spending discipline and a budget framework in which Washington begins to live within its means, our national debt will continue to undermine economic growth,” added Rep. Thompson.
In 2012, the House passed a budget that included fundamental budget, tax, and entitlement reforms, while the Senate chamber has failed to pass a budget for more than 1,000 days. This week, the House Budget Committee will begin hearings to review the President’s FY2013 budget, before the full House moves forward with its own FY2013 Budget in the months ahead.
“Rather than tackle our nation’s challenges, this President continues to abdicate his responsibilities, while his party’s leaders in the Senate – having failed to pass a budget for the past three years – appear to have abandoned the budgeting process altogether,” Rep. Thompson continued. “It is past time for leaders in the Senate to put aside politics and begin working with the House on addressing the fiscal and economic challenges we face as a country.”