The Budget
Mr. President, I am submitting my views today about the need to enact a fiscally responsible federal budget for fiscal year 2012. The April 15 statutory deadline for Congress to complete its annual budget resolution was over a month ago.…
Mr. President, I am submitting my views today about the need to enact a fiscally responsible federal budget for fiscal year 2012.
The April 15 statutory deadline for Congress to complete its annual budget resolution was over a month ago. An annual budget resolution is essential for controlling spending, for guiding the annual appropriations process, and for setting national spending priorities.
For the past 2 years, the Senate has failed to meet this critical deadline. During that time, the U.S. has borrowed an additional $3.2 trillion--more than $100 billion a month until the $14.29 trillion debt ceiling was reached on May 16.
For the first 7 months of the 2011 fiscal year, the budget deficit was a record $871 billion--$71 billion higher than it was at the same point in fiscal year 2010. During the same period, income tax revenues increased by $110 billion, or 9.1 percent.
The problem isn't that Americans are taxed too little; Federal deficits are out-of-control because government is spending too much.
Not passing a budget, not bringing forward even a budget proposal, takes us down a path that ends in Social Security and Medicare bankruptcy, harms our national security, and passes the bill for current fiscal irresponsibility onto our children and grandchildren.
We are just 4\1/2\ months from the beginning of fiscal year 2012. Unless we pass a budget and approve the individual spending measures that are required to fund government operations, we will return to stopgap continuing resolutions and to recurring threat of government shutdowns.
Yesterday, I joined all 46 of my Republican colleagues in a letter to the Senate majority leader that urges him to initiate the steps that must be taken for the Senate to debate, vote, and produce a responsible Federal budget for the next fiscal year.
As the majority leader knows, the procedural votes he has scheduled will not advance us toward that goal. These votes are intended only to score political points.
Today I will be in Dallas to attend my daughter's graduation from lower school to middle school. This will prevent me from being present for votes on the motions to proceed on four budget proposals. My absence for these procedural votes will not affect the outcomes. But I wanted to make known my position in advance of these votes.
A serious attempt to move a fiscal year 2012 budget forward would be a bipartisan effort that would enable us to debate, amend, and move forward a plan for long-term deficit reduction, while funding essential government programs and services. I look forward to a real debate, open amendments, and a vote on a serious budget that will dramatically bring down the outstanding debt our country has accumulated. Unfortunately, that opportunity is not going to be presented to the Senate today.
I would vote in favor of the motions to proceed on the three Republican-originated budget proposals before the Senate: the so-called Ryan budget that has been approved by the House of Representatives, as well as alternative plans put forward by Senator Toomey and Senator Paul.
Each of these proposals would put the Federal Government on a multiyear glide path to a balanced Federal budget. Each proposal would go about achieving this crucial goal by reducing Federal spending, not by raising taxes, and could be a constructive starting point for Senate debate and consideration of amendments. I do not agree with parts of each proposal. But if we had an open amendment process we could attempt to improve each proposal, while preserving the best parts.
I could not vote for the motion to proceed to consideration of the President's fiscal year 2012 budget. Unlike the Republican proposals, the President's fiscal year 2012 budget proposes to add $8.7 trillion in new spending and $1.26 trillion in net new taxes over the next decade, while only projecting $1.1 trillion in savings over 10 years.
Rather than balancing the Federal budget, the President's budget plan would add several trillion dollars more to the national debt. That would be a catastrophe by any standard. But the reality of the President's budget would be much worse. In the President's budget a $1.1 trillion deficit was projected for the current fiscal year. But we are instead headed for a $1.4 trillion shortfall.
The President subsequently signaled understanding that his proposed budget falls short by releasing a new deficit reduction proposal on April 13. The President's new plan targets $4 trillion in deficit reduction in 12 years--through tax increases and a new ``debt failsafe'' trigger that would include cuts to spending through the tax code--a new euphemism for tax increases.
It is our responsibility to the country to act on establishing constraints on federal spending and producing a budget blueprint. My colleagues on the other side of the aisle have chosen not to prepare nor advance a fiscal year 2012 budget resolution forward, except to say repeatedly that higher taxes are essential. In my estimation, raising taxes in a struggling economy will stifle job creation and further delay recovery from a devastating, long-lasting recession.
We must make bold cuts in spending where we can. We should also take steps to assure the long-term safety and soundness of Social Security and Medicare, for current retirees and for today's workers who will need to depend on benefits later. We must also carefully prioritize investment and research in areas of strategic national importance.
Just as American families and small businesses across the Nation set their spending priorities so Congress is expected to do the same. As a nation, we have reached a serious, fiscal crisis. It is time to start making the necessary and difficult decisions for the future of our country.
H. Con. Res. 34