Paul Ryan: President Fails Leadership Test

President’s Budget Destroys Jobs with Record Taxes, Spending & Debt

WASHINGTON – House Budget Committee Chairman Paul Ryan issued the following statement in response to the release of President Obama’s FY2012 Budget:

“The President’s budget spends too much, taxes too much, and borrows too much – stifling job growth today and leaving our children with a diminished future. In this critical test of leadership, the President has failed to tackle the urgent fiscal and economic threats before us.”

“Failing to heed the warnings of economists and the demands of the American people, the President’s budget accelerates our country down the path to bankruptcy. Far from ‘living within its means,’ the President’s budget puts the government on track to nearly double in size since the day he took office – a direct result of his party’s reckless spending spree. His budget destroys jobs by imposing a $1.6 trillion tax hike, adding $13 trillion to the national debt and fueling uncertainty in the private sector.

“We cannot tax, spend and borrow our way to prosperity. Where the President has fallen short, Republicans will work to chart a new course – advancing a path to prosperity by cutting spending, keeping taxes low, reforming government, and rising to meet the challenges of our time.”

Key facts from President Obama’s Fiscal Year 2012 Budget:

  •  Spends Too Much

    • $3.8 trillion in spending this year; 25.3% of GDP (highest since WWII)

    • $46 trillion in spending over the decade; $8.7 trillion in new spending

  • Taxes Too Much

    • $1.6 trillion tax hike on families, small businesses, and job creators

    • Revenues as a percent of GDP climb to 20%

  • Borrows Too Much

    • $1.1 trillion deficit for FY2012; a record fourth straight trillion dollar deficit

    • Doubles and then triples debt held by the public since President took office

    • $13 trillion added to the debt over the decade

For a bicameral budget analysis from the Senate & House Budget Committee Republicans: