U.S. Rep. Howard "Buck" McKeon

[Rep. McKeon] – President Obama released his delayed Fiscal Year 2013 budget to Congress on Monday, announcing a spending plan with a $1.33 Trillion deficit price tag and a 10-year budget blueprint with annual deficits exceeding $600 billion every year except 2018.

“The President’s budget is a scary proposition, steeped with even more deficit spending and job-killing tax hikes than anticipated,” said Rep. Howard “Buck” McKeon, R-Santa Clarita.  “As we watch countries across the globe crumble under suffocating and unsustainable burdens of debt and government spending, the President is proposing to spend $47 trillion over the next 10 years, while imposing a $1.9 trillion tax increase on American families and adding trillions of dollars in new debt.

“We have a dangerous $15 Trillion and growing national debt and a bloated government that has run on doubled down deficits since President Obama took office. This budget fails to address these grave issues and is nothing but a recipe for a debt crisis and the decline of America.  We must stop this out of control deficit spending and get serious about the real drivers of our debt if we are to maintain our place in the world as the leader of strength and prosperity.

“This budget also clearly articulates The President’s priorities regarding our national defense; reduce resources for our struggling Armed Forces, and redirect them to exploding domestic bureaucracies. This budget reflects a true reduction, in real terms, of military spending while we have troops in combat.  It irresponsibly ignores the looming threat of sequestration, while failing to adequately address threats posed by our adversaries around the world.  It asks the men and women in uniform who have given so much already to give that much more, so that the President might fund programs the American people don’t want and can’t afford.”

Key facts from the President’s budget:

Spends Too Much:

o    $47 trillion of government spending over the next decade

o    Proposes a net increase over current spending projections

Taxes Too Much:

o    $1.9 trillion in new taxes

o    Raises taxes, not to pay down the debt, but to fuel more government spending

Borrows Too Much:

o    Four straight years of trillion-dollar-plus deficits; no plan to reduce the debt

o    Gross debt at the end of FY22: $25.9 trillion

Budget Gimmicks & Broken Promises

o    Overstates new deficit reduction by taking credit for savings already enacted

o    Exploits discredited budget gimmick by “not spending” nearly $1 trillion that was never going to be spent