Rep. Dave Camp (R-Mich.), top Republican on the House Ways & Means Committee has released a handy new chart (.pdf) outlining the nearly $700 billion in new taxes enacted by Democrats this Congress.
The chart details the “gross tax increases equate to more than $2,100 for every man, woman and child in the United States and include at least 14 violations of the President’s pledge not to raise taxes on Americans earning less than $200,000 (singles) and $250,000 (married couples).”
“The agenda coming out of the Administration and Democrats in Congress is clear — they want to tax more in order to spend more,” Camp said. “They have already increased taxes by over $670 billion, much of which will be paid for by the middle class families the President specifically promised would not pay higher taxes. This isn’t ‘change we can believe in,’ and all these tax hikes aren’t going to leave any change in the pockets of the American taxpayers.”
Rep. Paul Ryan (R-Wisc.), top Republican on the House Budget Committee has a new release of his own today, a report detailing the crippling budget issues facing this Congress (TAX DAY — AND NO CONGRESSIONAL BUDGET — .pdf) . Democrats are hinting they’ll skip doing a budget at all this year — while they miss today’s April 15 deadline to adopt a federal budget.
From the report:
IGNORING A FISCAL CRISIS
The Nation stands at the brink of an historic fiscal dilemma. Spending, deficits, and debt are running out of control. Financial experts are warning that the United States’ AAA bond rating might be in jeopardy, and the U.S. economy could face an inexorable and permanent decline — sacrificing the prosperity of future generations.
Instead of using February and March to tackle the budget, the President and Democratic Congress exploited the budget process to force through their government takeover of the health care sector. They used a token $1-billion reconciliation instruction from last year’s budget resolution to leverage a $2.6-trillion spending increase when fully implemented, coupled with the largest tax increase in history.
The Congressional Budget Office [CBO] reports the President’s budget — the only budget there is at the moment — drives debt to an alarming 90 percent of the economy by 2020.
– Compared with 2008, when it was $5.8 trillion, debt held by the public under the President’s budget more than doubles in 5 years, and more than triples over 10 years, CBO reports.
– The budget pushes the debt to $9.2 trillion this year, 63.2 percent of gross domestic product [GDP], the largest debt in history and the largest debt as a share of the U.S. conomy in 59 years.
– The President’s 2020 debt of 90 percent of GDP approaches levels of the 1940s. It is ithin sight of the high-water mark of 108.7 percent of GDP set in 1946; and the debt eyond 2020 rises sharply.
The President’s budget also pushes spending to a new record of $3.8 trillion in fiscal year 2011, widens the deficit to a new record of $1.5 trillion this year, and raises taxes by $1.8 trillion through 2020.
As a share of the economy, the President’s 2010 deficit is 10.3 percent of GDP – the largest rate of excess spending since World War II. Going forward, deficits in the President’s budget never fall below $724 billion, and never below 4.1 percent of GDP — levels his own Budget Director has termed “unsustainable.”
Much more at the link.