NTU urges all Senators to vote “No” on S. Con. Res. 8, the Concurrent Resolution on the Budget for Fiscal Year 2014. This budget fails to recognize the economic realities facing taxpayers and would hurt our economy.
While NTU applauds the Senate for finally advancing a budget, the legislation is packed with up to $1.5 trillion in potential tax hikes and a total spending increase of a staggering 62% over the next ten years. Despite the high taxes, the budget still generates $400 - $600 billion deficits due to new irresponsible spending items like a $100 billion jobs and infrastructure package, a scheme that is eerily similar to the failed “stimulus” plan of only a few years ago.
The legislation relies on more punitive tax increases and a “reform” process that will likely lead to the same politically convenient targets in American industry. The result will be a slower (or even reversed) economic recovery, and, in the long run, fewer revenues than expected. No meaningful reforms would be made to ensure the entitlement safety net for the neediest Americans is sustainable. Gimmicks include “savings” from cutting payments to health care providers, which has been a political non-starter for many lawmakers in both parties.
Ultimately, the plan would never produce a balanced federal budget. Indeed, because the resolution “turns off” the sequester mechanism, what few spending slowdowns the legislation would provide would result in little or no net expenditure reduction compared to the Congressional Budget Office’s current policy baseline.
Roll call votes on S. Con. Res. 8 will be significantly weighted in our 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