New Budget Pushes Deficit to Record $1.6T; Raises Taxes On New Jersey’s Families

FLEMINGTON, NJ – Congressman Leonard Lance, (NJ-07) today issued the following statement regarding President Obama’s $3.8 trillion budget proposal for fiscal year 2011

“The President’s budget of proposed tax increases and huge projected deficits shows this Administration is not serious about getting our Nation’s fiscal house in order,” Lance said. "Instead of putting forth a budget plan that restrains federal spending and reduces debt, the President has sent Congress more of the same reckless economic policies of 2009.”

Last week Lance sent a letter to the President (CLICK HERE) outlining his plan to strengthen the economy and put people back to work. On the issues of taxes and debt reduction, Lance called on the President to, “reconsider your call for higher taxes for families making more than $250,000 a year,” saying, “In New Jersey, this policy would have a disastrous effect on our fragile economy.”

And concerning spending and debt, the Seventh District Congressman called on President Obama to embrace Lance’s fiscally responsible debt reduction package (CLICK HERE) to control runaway federal spending and limit our Nation’s ever-growing debt and deficits.

“Just three days after addressing the Republican Conference about the importance of fiscal responsibility, President Obama has sent to Congress a budget plan of more spending, higher taxes and more borrowing and debt. In these tough economic times I believe we need to keep a lid on taxes, control government spending and borrow less. This proposed budget takes a diametrically opposite approach and should be thoroughly rejected by Congress,” Lance concluded.

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