Barbour slams Obama's budget

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/03/21/art.barbour.jpg caption="Mississippi Gov. Haley Barbour says the president's budget will lead to more debt."]

(CNN) - Mississippi Gov. Haley Barbour blasted President Obama’s budget proposal, saying it taxes and spends too much.

In the weekly GOP address, Barbour said of the proposed budget: “It reminds me of how one of our old senators used to joke about the federal budget. He said it was like a newborn baby: insatiable appetite at one end and total irresponsibility at the other.”

Barbour said the new taxes won’t come close to covering Obama’s spending, meaning “children and grandchildren will be saddled with trillions more in debt.”

“In this budget season we have choices. While states are controlling spending and balancing their budgets, the Obama budget spends too much, taxes too much and borrows too much. It's not the right choice for America,” Barbour said.

Full text after the jump

Transcript:

“Hi, I'm Haley Barbour. It's budget time for a lot of states, and we governors, Republicans and Democrats alike, are working to balance our budgets.

“Though the stimulus package spends an incredible amount of money, with some of it going to state governments, the mandates about how we have to spend much of that money, plus the severe drop in most states' revenue, mean all governors are preparing a wide variety of significant spending cuts to balance our budgets.

“With the federal government it's just the opposite: President Obama's budget spends too much, taxes too much and borrows too much.

“It's breathtaking: The new Administration's budget for next year alone calls for a one point two TRILLION dollar deficit… nearly triple any past federal deficit.

“While families are cutting back, President Obama has proposed a massive government spending spree. It reminds me of how one of our old senators used to joke about the federal budget. He said it was like a newborn baby: insatiable appetite at one end and total irresponsibility at the other.

“This astronomical record federal deficit would be accompanied by the largest tax increases in history. But trillions of new taxes won't nearly cover all the new spending, so our children and grandchildren will be saddled with trillions more in debt.

“And this budget blowout comes on top of the debt for the $787 billion Obama stimulus package, the $410 billion omnibus appropriations bill passed by Congress this month, the $300 billion the Federal Reserve said this week it would spend to buy U.S. government bonds, and the $750 billion the Fed announced just Wednesday it would spend to buy mortgage-backed securities. Trillions and trillions in new spending mean record tax increases and record government debt.

“The cap and trade tax and other energy taxes will drive up both electricity and gasoline prices for families and for businesses. And while Wall Street gets trillions to bail them out, small businesses will get stuck with not only income tax increases but also enormous cost increases for energy: for electricity and gasoline. Families will get clobbered, too.

“Don't take my word for it; listen to what Barack Obama himself told The San Francisco Chronicle last year, and I quote: Under my plan of cap and trade, electricity rates would necessarily skyrocket.

“And President Obama was right. His energy taxes, like the cap and trade tax, will drive energy costs for American families through the roof.

“In this budget season we have choices. While states are controlling spending and balancing their budgets, the Obama budget spends too much, taxes too much and borrows too much. It's not the right choice for America.