Rep. Lummis: President’s Budget Arrives Late and Wrong [AUDIO]
The president's budget is a week late and a trillion dollars short, says Wyoming's representative. In an interview with KODI Radio Monday, US Rep. Cynthia Lummis said the budget increases spending when it should do just the opposite.
Budget goes wrong direction:
"It increases spending by 47 trillion dollars over 10 years. That's an increase over current spending, when we should be either freezing spending, or, better yet, cutting spending."
Rep. Lummis also took exception to increasing taxes, which slow the down the economy.
Tax increases drag economy:
"Then it taxes too much; it increases taxes by almost two trillion dollars, including increases in income tax, death tax, and other taxes--all of which we can't afford if we want to recover our economy and create jobs and grow."
And there's the national debt.
"My worst and biggest concern is that it adds 11 trillion dollars to the debt over 10 years. Here again, the president's budget is unrealistic. It is based on his belief in big government, big unions and big business."
To deal with that debt, says Rep. Lummis, we start with a balanced budget amendment to the Constitution and then we reduce spending by one percent a year over seven years.
Debt reduction is possible:
"By the year 2022, we're looking at a gross debt of 26 trillion dollars, based on President Obama's budget, so, it's time to enact a balanced budget amendment. It's time to take those seven years, freeze spending, then cut it one percent per year until we balance our budget, and then going forward, takes some whacks at that debt."
Rep. Lummis said that Congress could learn something from the Wyoming Legislature.
Wyoming's proactive example:
"The Wyoming Legislature is in session right now cutting spending in the state because natural gas prices are down therefore their revenues are down. I tell you, the Congress and the president could learn a lot from the Wyoming Legislature. I applaud the Wyoming Legislature for what they're doing."