President Obama’s budget worsens the economy and hikes taxes on American families and businesses, while breaking his promise to manage down the trillion dollar deficit. As Jake Tapper’s analogy makes clear, the President’s vision of fiscal responsibility is backwards. If we understand our economy in terms of the average American family, we are bringing in $29,000 every year, spending $38,000, and now under the President’s new budget, we’re automatically saddled with $9,000 in new debt – not to mention a whopping $153,000 in credit card debt that we cannot pay down.
In today’s real numbers, we already have a ‘credit card debt’ of $15 trillion, and our country cannot afford President Obama’s call for higher taxes and increased government spending. We need to be focused on creating an environment for economic growth that fosters small business investment, expansion and job creation.
Today In History: Having left a plate of staphylococcus bacteria uncovered, Fleming noticed that a mold that had fallen on the culture had killed many of the bacteria. He identified the mold as penicillium notatum, similar to the kind found on bread. On February 14, 1929, Fleming introduced his mold by-product called penicillin to cure bacterial infections.
Birthdays: Former Senator Judd Gregg, Gregory Hines, Pat O’Brien and Frederick Douglass
Here is what’s in today’s Ledger …
State Of Play: President Obama Unveils Another Anti-Growth Budget
Leader Cantor: The President’s Call For Massive Tax Increases On Working Families and Small Business Demonstrates His Budget Is Designed To Ensure The American Economy Comes In Last. And riffing off the White House’s slogan “America Built to Last,” House Majority Leader Eric Cantor (R-Va.) called Obama’s budget “built to come in last.” “Instead of taking the opportunity to provide real leadership and address the serious fiscal challenges facing our country, the president offered a partisan, election-year budget that ratchets up spending while ignoring the biggest drivers of our debt and calls for massive tax increases on hardworking families and small businesses,” Cantor said in a statement. Politico
• The Tax Increases Put Forward By President Obama Would Wipe Out His Rosy Economic Growth Projections. President Obama’s Growth Assumptions President Barack Obama's 2013 budget proposal should be dismissed as a blueprint for his re-election campaign. But it's worse than that. If passed as presented — and there's little likelihood of that — the spending plan would lock America on an auto-pilot course for Greece. …. Obama also assumes an annual economic growth rate of 3.9 percent between 2014 and 2017. That assumption borders on the absurd, particularly since the Congressional Budget Office warns that such a massive tax hike will likely slow growth to a 1 percent annual rate next year. … Obama is hoping that by tossing out billions to modernize school buildings, assist families with college tuition and rebuild highways, he can divert voter attention away from the twin monsters of debt and deficit spending that threaten the nation's future viability. The Detroit News
President Obama’s Budget Again Calls For Raising Taxes On America’s Engine Of Economic Growth. The only thing that you can be certain will become law in this budget if Mr. Obama is re-elected is the monumental tax increase. His plan would raise tax rates across the board on anyone or any business owners making more than $200,000 for individuals and $250,000 for couples. The Wall Street Journal
Where’s The Beef? National Journal On The Administration’s Rosy Growth Assumptions: The administration gives no supporting evidence for those assumptions. It would be nice to see some, if they do, in fact, exist. National Journal
State Of Play (2): The Latest Example Of President Obama’s Failure To Lead – His Budget
Milbank: The President’s Budget Starts With A Broken Promise, Adds Some Phony Policy Assumptions, Throws In A Few Rosy Forecasts and Ignores The Tough Decisions. The White House’s budget for fiscal 2013 begins with a broken promise, adds some phony policy assumptions, throws in a few rosy forecasts and omits all kinds of painful decisions. Even then, the proposal would add $1 trillion more to the national debt than Obama contemplated a few months ago — and it is a non-starter on Capitol Hill, where even Senate Democrats have no plans to take it up. It is, in other words, exactly what it was supposed to be: a campaign document. … as a budget writer, Obama whiffed. … The budget calls for hundreds of billions of dollars in new spending. It shows deficits exceeding $600 billion in every year but one over the next decade, while the debt grows to $18.7 trillion. … CBS’s Nora O’Donnell asked why the White House decided to “take a pass on entitlements” in the budget. “I don’t think we take a pass,” Zients replied. Technically, he’s correct. It was more of a fumble. The Washington Post
President Obama’s Budget Is Merely A Continuation Of The Same Out Of Control Spending That Has Preceded It. Four years of spending of more than 24% of GDP, the four highest spending years since 1946. In the current fiscal year of 2012, despite talk of austerity, Mr. Obama predicts spending will increase by $193 billion to $3.8 trillion, or 24.3% of GDP. … Another deficit of $1.327 trillion in 2012, also an increase from 2011, and making four years in a row above $1.29 trillion. The last time that happened? Never. … All of this has added as astonishing $5 trillion in debt in a single Presidential term. The Wall Street Journal
• Editorial: If President Obama Had Shown Leadership On Deficit Reduction, “The Nation Might Not Be Where it Is Today.” … this is the president's fourth year in office. If he had been aggressive about long-term debt in years one through three — and hadn't stiff-armed his deficit-reduction panel — the nation might not be where it is today. History shows that presidential leadership is an indispensable factor in any serious attempt to get the federal budget under control. USA Today
Across The Capitol: It’s Been 1021 Days Since Senate Democrats Passed A Budget
Harry Reid’s Do-Nothing Democrats: No Budget, No Year-Long Payroll Extension, and A Failure To Act On Bipartisan Jobs Bills. Under Mr. Reid's leadership, the Senate has not passed a budget resolution in three years. It has never voted to extend the payroll tax cut for a full year—which Vice President Joe Biden says is the administration's No. 1 economic priority. … Remember Mr. Obama's jobs bill, and how he called on Congress to "pass this bill now"? When Senate Republicans pushed for a vote, Mr. Reid responded by changing the rules of the Senate to prevent one. Over in the House, meanwhile, Republicans have been a hive of activity. Currently some 30 pro-growth bills languish in Mr. Reid's do-nothing Senate, lest the buck ever be passed to the president's desk. These include measures reflecting proposals endorsed by the President's Council on Jobs and Competitiveness—ranging from regulatory reform and tax simplification to reducing our dependence on foreign sources of energy. … if you want change in Washington, you need more than a Republican-controlled House. The Wall Street Journal
Senator Reid Keeps A Low Profile On Obama Budget … Because The Senate Hasn’t Produced A Budget In Nearly 3 Years. While President Barack Obama was rallying the faithful around a politically minded budget laden with base-nourishing tax and spending proposals, Senate Majority Leader Harry Reid was keeping a low profile. … And, when he went to the floor Monday afternoon — long after the budget had been delivered and an 11:15 a.m. embargo had been lifted — Reid focused on the mundane goings-on of the Senate chamber in his opening remarks. … Reid’s hesitancy to talk about the budget is understandable; the Senate hasn’t produced a budget in almost three years … Roll Call
• New York Times On Senate Democrats: Their Failure To Pass A Budget Is A “Serious Mistake.”Senate Democrats, who don’t want to make hard political choices, also share the blame. They have already said that they do not intend to pass the president’s or their own budget, deferring their responsibility for a third year. At a time when honest economic planning needs all the support it can get, that’s a serious mistake. New York Times
The Road Ahead: Democrat Stonewalling Threatens A Tax Hike On 160 Million Americans
GOP Leaders Move To Prevent A Tax Hike On 160 Million Americans As Democrats Continue To Refuse To Negotiate. Republicans say they were forced to take this path because Democrats are “stonewalling.” “If Democrats continue to refuse to negotiate in good faith, Republicans may schedule this measure for House consideration later this week pending a conversation with our members,” the three leaders said in a joint statement. “Democrats’ refusal to agree to any spending cuts in the conference committee has made it necessary for us to prepare this fallback option to protect small business job creators and ensure taxes don’t go up on middle class workers.” Politico
Democrats Have Rejected Virtually Every Bipartisan Spending Cut In Payroll Talks, Instead Calling For More Job-Threatening Tax Hikes
Leader Cantor On Taking A Tougher Stance With Iran: “I visited some of the Persian Gulf countries several weeks ago and the issue in the region is becoming very urgent. U.S. interests there are massive, we have thousands of men and women in uniform stationed there, our bases are in tough shape, and what we heard from not only our commanders on the ground but others in the region is that Iran continues to be the threat to instability. What’s behind it is Iran’s continued quest for nuclear capability. We cannot imagine, nor should we, a world in which Iran is a nuclear power because we already know it is the main destabilizer and Iran has a partner in Bashar al-Assad in Syria that is brutalizing and killing thousands of innocent people. We can’t allow that to happen.” WRVA Richmond’s Morning News
Republicans Continue To Push For Keystone Jobs. House and Senate Republicans are using battles over high-profile transportation bills this week to demand construction of the Keystone XL oil sands pipeline. … Several Senate lawmakers backing the controversial oil pipeline filed an amendment Monday authorizing construction of the project, a more aggressive stance than earlier legislation that simply mandated a federal decision deadline. The moves underscore the GOP’s determination to promote the pipeline and attack the Obama administration for rejecting a permit in January. Republicans in both chambers, along with the GOP candidates for president, have consistently bashed Obama for his decision, which they argue will cost the country jobs. … Pipeline backers — a group that includes most Republicans, some Democrats, major business groups and several unions — call the project a way to create jobs and boost energy security. The Hill
VIDEO – YG Network Warns Of Onerous Regulations and Their Negative Impact On Growth National Journal