Rep. Pete Olson (R-Sugar Land) today issued the following statement in response to President Obama's latest budget proposal:

"The President's budget spends $47 trillion over the next 10 years, imposes a $1.9 trillion tax increase on American families and adds trillions of dollars in new debt.  President Obama’s Chief of Staff said yesterday, "The time for austerity is not today." If not today, then when, Mr. President?  Americans face a fourth year of $1 trillion-plus deficits - nearly twice the share of GDP that Obama predicted four years ago.  Once again, the President has turned a blind eye to the crushing weight of his budget policies.

"America faces a looming fiscal crisis that will leave our children and grandchildren with unprecedented levels of spending and record debt. America has a clear choice on how to fix our problems: More failed "stimulus" spending policies and government dependency, or meaningful reductions in spending coupled with fixing our entitlement programs so they will be there for those who need them.  America must forge a new path that strengthens our economy, allowing businesses to expand and create jobs."

Key facts from the President’s budget:

Spends Too Much:
$47 trillion of government spending over the next decade
Proposes a net increase over current spending projections

Taxes Too Much:
$1.9 trillion in new taxes
Raises taxes, not to pay down the debt, but to fuel more government spending

Borrows Too Much:
Four straight years of trillion-dollar-plus deficits; no plan to reduce the debt
Gross debt at the end of FY22: $25.9 trillion

Budget Gimmicks & Broken Promises
Overstates new deficit reduction by taking credit for savings already enacted
Exploits discredited budget gimmick by “not spending” nearly $1 trillion that was never going to be spent

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Media Contact: Melissa Kelly
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