February 6th, 2010
10:16 AM ET
5 years ago

GOP takes aim at Obama's budget

(CNN) – In the weekly Republican radio and Web address, Rep. Jeb Hensarling of Texas takes President Obama to task over the size of his new budget proposal.

“The numbers in his budget are simply breathtaking: a record $3.8 trillion in spending, more than $2 trillion in new job crushing taxes, not to mention a tripling of the national debt – on top of the largest deficit in our nation’s history. Interest payments alone on this debt will set us back roughly $6 trillion over the next decade – that’s about $50,000 per household," Hensarling says in the address.

Full transcript after the jump

“Hi, I’m Congressman Jeb Hensarling of Texas; I serve as the number two Republican on the House Budget Committee. Some of you may have seen me on television last week when I had the opportunity to ask the President if his new budget would once again triple the national debt and dramatically increase the cost of government to 25% of the economy – up from its traditional 20%.

“You may recall that the President declined to answer the question last week. But he has certainly answered it this week by submitting a new budget that does just what I feared.

“The numbers in his budget are simply breathtaking: a record $3.8 trillion in spending, more than $2 trillion in new job crushing taxes, not to mention a tripling of the national debt – on top of the largest deficit in our nation’s history. Interest payments alone on this debt will set us back roughly $6 trillion over the next decade – that’s about $50,000 per household.

“Now, you’re probably like me and believe, in America, you ought to work hard today, so your children can have a better, more prosperous tomorrow. But with this budget, it is like Washington has said, ‘let’s let government live easier today, so our children have to work harder tomorrow.’

“You know, it was about this time last year, President Obama and Democrats in Congress promised that if we passed their trillion-dollar ‘stimulus’ bill – and grew big government even more – that jobs would be created ‘immediately.’ [and] they said unemployment would remain below eight percent.

“Well, Republicans stood on principle and offered a better alternative that, according to an analysis developed by the President’s own economic advisors, would have created twice the jobs at half the cost. But, Democrats chose to go it alone and jam through their ‘stimulus.’ What did the American people get? A bill for $1.2 trillion and 3 million more jobs lost.

“Americans are still asking, ‘where are the jobs? Where ARE the jobs?’ But all they are getting from Washington is more spending, more taxes, more debt and more bailouts.

“Now, when it comes to budget matters, I usually find myself agreeing with about 80% of what the President says, but I DISAGREE with 80% of what he does.

“While the President’s budget rhetoric gives a nod to reducing the deficit, he punts the problem to a ‘commission’ that does not yet exist, and whose recommendations may never see the light of day. We have to do better.

“Additionally, President Obama’s proposed spending freeze unfortunately is not really a freeze at all. It exempts 86% of the federal budget from the freezer, does not turn on the freezer until next year and then turns it off shortly thereafter. In fact, when you run the numbers, the President’s idea of fiscal responsibility unfortunately amounts to choosing to grow government by 49.01 percent over 10 years instead of 49.27 percent. We have got to do better.

“Serious fiscal responsibility requires more than just tinkering around the margins. Republicans have proposed adopting strict budget caps that limit federal spending on an annual basis and are enforceable by the President. These caps were a critical plank in the fiscally-responsible budget alternative Republicans proposed last year and yet they are notably absent from the President’s budget.

“The federal budget must never be allowed to grow faster than the family’s budget ability to pay for it. You can learn more about our better Republican budget solutions on the web at solutions.gop.gov.

“So, you pile up all this Democratic spending, all their borrowing and all their debt, you add it to their government takeover of health care, their ‘cap-and-trade’ national energy tax and their continued bailouts – is it little wonder that job growth is lagging in our economy? Small business owners and investors tell me every week, We’re not taking the risk to start or expand our business in this climate.

“We cannot continue on this reckless path, and the American people know it. But now it’s up to Democrats in Washington to listen and change course. We’re willing to work with them, but we will continue to stand on principle, we will oppose more reckless Washington spending, and we will fight for better solutions that make government live within its means. Our budget plan will help create jobs, prevent a fiscal calamity and give our children a brighter economic future.

“Thank you for listening.”


Filed under: GOP • President Obama
soundoff (129 Responses)
  1. W

    The constant march of Republican hypocrisy is stunning. For decades they were for deficit spending and mountains of debt, before they were against it.

    After years of deficit-producing budgets submitted by Republican presidents and rubber stamped by Republican controlled Congresses going all the way back to Reagan (who began the explosion of federal debt), all of a sudden they think they have any credibility at all on fiscal matters. Remember "deficits don't matter"? All of a sudden they think the crisis they caused needs to be solved, but somehow the crisis is all Obama's fault and they bear zero responsibility. And of course, the only way to solve the problem is more of what they've done all along – tax cuts for the wealthy that don't create jobs, no investments in the economic success of our nation, and no reforms that would actually reduce federal obligations in the future. Republican "solutions" are like trying to cure an alcoholic by giving him a bottle of whiskey.

    The GOP is guilty of malfeasance and negligence, driven by blind ambition and worship of a bankrupt ideology. They are political vermin, pure and simple.

    February 6, 2010 03:04 pm at 3:04 pm |
  2. Sam

    Jeb, where were you during the last adminstration? Next to Rip Van Winkle?

    February 6, 2010 03:04 pm at 3:04 pm |
  3. Robert

    Republicans need to step back and see where the debt came from. No Republican President since Nixon has balanced the budget and every Democrat has before they left office. Democrats may rise taxes because they pay as they go, Republican don't pay for their crap and give tax breaks to the Billionaires who build factories overseas. We should give the tax break to small businesses who create jobs locally. I'm an independent who has done his homework and these are the facts. We need people loyal to the US and not to their political party so please do your research and vote for the best person instead of a political party. DO YOUR OWN RESEARCH at the government site showing debt ran up by President it is non political.

    February 6, 2010 03:13 pm at 3:13 pm |
  4. Anonymous

    Millionare democrats and politicans dont have to worry about there next loaf of bread

    February 6, 2010 05:33 pm at 5:33 pm |
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