WASTHINGTON, D.C. – U.S. Representative Glenn ‘GT’ Thompson, R-Pa., called on the Administration to look to the future, and focus on implementing smart government, not big government solutions, when tackling the many challenges facing our economy.
Thompson, who hails from the one red light town of Howard, in Centre County, and is a member of the House Small Business and Education and Labor Committees, is concerned with the level of spending and the new taxes which would be levied upon small business owners and energy consumers if the President’s budget is adopted.
“The President’s budget will devastate small business owners, and frankly, will put many out of business with the tax hikes included in his budget,” said Thompson. “At the end of the day, we need to ask ourselves a very simple question when evaluating this budget, will it help or hamper the economic recovery? And after reviewing the big ticket items in the President’s budget, it is clear that if adopted, this budget will stifle economic growth.”
President Obama’s budget, which Congress is in the process of reviewing, spends an estimated $3.6 trillion next fiscal year and accumulates over $9 trillion in debt over the next ten years. The President’s budget will also raise $1.9 trillion in new taxes.
“This budget simply spends too much, taxes too much and borrows too much – leaving a legacy of debt for future generations. Increased government spending and taxing our small businesses – which are the economic engine of America – will only prolong the recession and add to unemployment.”
According to the National Federation of Independent Business (NFIB), seven out of every ten new jobs were created by small businesses. Under the President’s proposed budget, small businesses, which file under the individual tax code with an income in excess of $250,000 will see their tax bill increase.
This afternoon House Republicans unveiled their budget blueprint, The Republican Road to Recovery. Click here to view this comprehensive alternative, which controls the debt, lowers taxes, provides an environment to create and preserve jobs, and curbs spending.
“We cannot tax and spend its way out of this recession – but we can provide incentives and enact smart government solutions to assist in the recovery process. The Republican alternative does just that. It is my sincere hope that the Democratic leadership will bring Republicans to the table – for the good of the country – next week when the budget makes its way to the House Floor,” concluded Thompson.
