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“NO” on S. 388, the “American Family Economic Protection Act.”
February 28, 2013
NTU urges all Senators to vote “NO” on S. 388, the “American Family Economic Protection Act.” Instead of taking the urgent action we need to immediately reduce overspending and address the precarious state of our nation’s finances, this package delays necessary spending cuts and suffers from overreliance on stale tax hikes.
The sequestration process is not an ideal way to make budget policy, but Congress and the President agreed in 2011 on this approach to enforce a modest degree of fiscal discipline. To abandon the sequester now – or worse, to raise taxes even further – would destroy Congress’s already sagging credibility on the issue of deficit reduction.
The hard truth is that our deficit is so large, even aggressive tax hikes could not fix the problem. New revenues would likely be squandered on more government programs, not used to pay down the national debt. Worse, heavier tax burdens would undermine job creation in the private sector and further endanger our sluggish economic recovery.
In the long run, federal overspending, not the sequester, is the real threat to our future prosperity. Unfortunately, S. 388 makes no effort to meaningfully restructure the military budget, and only a half-hearted attempt to curtail giveaways to wealthy farmers. What little spending slowdowns are included in the bill would take place over a yawning time period of up to a decade, in service to partially offsetting just one year of sequester. This is unacceptable. If we want to unleash the potential of American industries and entrepreneurs we need to get our fiscal house in order. The only way to do so is through actual budget-cuts, not just “slower rates of increase.” That means getting serious about reducing waste and eliminating low-priority programs in every area of government, including a thorough examination of the Pentagon’s budget and reform of the entitlements that are the true drivers of our debt.
Far from the fear-mongering, doom-and-gloom tales being spun around Washington, the dreaded sequester will slow total federal spending this year by barely more than 2 percent. If our leaders cannot manage this level of restraint, then there is little hope they will be able to tackle the bigger fiscal challenges in the year ahead.
NTU strongly opposes any attempts to delay or weaken the federal spending slowdowns that will be triggered by the pending “sequester.” Roll call votes on S. 388 will be significantly weighted in NTU’s annual Rating of Congress and a “NO” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Federal Affairs Manager Nan Swift at (703) 683-5700