Hill: President’s Budget ‘More of the Same’Vows to ‘empower Arkansans and Americans – not Washington’
Washington, DC,
February 2, 2015
Congressman French Hill (AR-2), a member of the Financial Services Committee, released the following statement today in response to President Obama’s 2016 budget proposal: “President Obama’s budget proposal is more of the same failed policies that the American people rejected in November’s election. The President’s top-down approach would increase taxes, spending, and our national debt, while never balancing the federal budget and allowing Social Security and Medicare to go bankrupt. This plan will saddle future generations with an exploding national debt. Thankfully, Congress controls the power of the purse – not the President, and I am committed to implementing common sense reforms that will eliminate wasteful government spending, achieve greater accountability, promote economic success for all Americans, and empower Arkansans and Americans – not Washington.” According to the House Budget Committee, under President Obama’s budget proposal: Taxes Increase • Despite $2.1 trillion in new tax increases, President Obama’s budget never balances—ever. • Major proposed tax increases include higher levies on savings and investment, small businesses, and increases in the costs of hiring workers. • These tax hikes would stunt the economic growth needed to get Americans back to work, and come on top of $1.7 trillion in tax hikes already imposed by this Administration. Spending Increases • The President’s budget increases annually-appropriated spending for next year by $74 billion relative to current law. Over 5 years, he would increase such spending by $322 billion. • Next year alone, the President’s budget would grow total federal spending by $259 billion, or 7 percent. • Total spending will increase by 65 percent ($2.4 trillion) in 10 years under the President’s plan. Interest Costs Skyrocket • President Obama’s plan more than triples interest costs, which remain the fastest growing item in the budget. • Interest on the debt this year would be $229 billion, but would rise to $785 billion in 2025 under his plan. • At the end of President’s plan, annual interest costs would be larger than his proposed spending for national defense, Medicaid or the combined total of all non-defense agency spending. Debt Climbs • Since 2009, we’ve added $7.5 trillion to the debt and spent $21.1 trillion. • The President’s budget plan would add $8.5 trillion to the debt. • Cumulative deficits would amount to $5.7 trillion, and gross debt would climb to $26.3 trillion in 2025. About Congressman French Hill French Hill, 58, is the 22nd Member of Congress to represent central Arkansas in the U.S. House of Representatives. A ninth generation Arkansan, he was elected on November 4, 2014, and will serve on the U.S. House Committee on Financial Services for the 114th Congress. Prior to his Congressional service, Mr. Hill was actively engaged in the Arkansas business community for two decades as a commercial banker and investment manager, and was founder, chairman, and chief executive officer of Delta Trust & Banking Corp in Little Rock. Prior to his community banking work in Arkansas, Mr. Hill served as a senior official in the administration of President George H.W. Bush. Prior to his Executive Branch Service, from 1982-84, Mr. Hill served on the staff of then-U.S. Senator John Tower (R-TX) as well as on the staff of the U.S. Senate Committee on Banking, Housing & Urban Affairs. Mr. Hill is a magna cum laude graduate in Economics from Vanderbilt University. He is married to the former Martha McKenzie of Dallas, Texas, and they have a daughter, Sarah Elizabeth McKenzie Hill, and a son, William Payne Hill. The Hill family resides in Little Rock. |
