News Releases

Tuesday, February 15, 2011

Isakson: President's Budget Spends Too Much, Taxes Too Much, Borrows Too Much

Obama Proposal Would Double National Debt by 2012

WASHINGTON - U.S. Senator Johnny Isakson, R-Ga., today criticized the White House for proposing a budget for fiscal year 2012 that will double the nation's debt by 2012 and triple it by the end of the decade.

"For the President to state that his budget 'asks Washington to live within its means' is outrageous. This budget will produce the largest deficit ever and keeps Washington spending at the same unsustainable levels," said Isakson. "I am thoroughly disappointed that the President has not taken the challenge of reducing federal spending seriously and is failing to follow the recommendations of his own bipartisan Debt Commission that has offered reasonable solutions. I will continue to work relentlessly in the Senate to end the spending frenzy in Washington because I refuse to mortgage my grandchildren's future."

The national debt is currently $14 trillion and the U.S. government borrows approximately 40 cents of every dollar it spends. Isakson has introduced and cosponsored several pieces of legislation this year to try to rein in federal spending, reduce the debt and change the way Washington does business in terms of regulation and taxation:

• S.211, the Biennial Budgeting and Appropriations Act, would convert Congress' annual spending process to a two-year cycle, with one year for appropriating federal dollars and the other year devoted to oversight of federal programs. This legislation is aimed at forcing Congress to become better stewards of the taxpayers' money, thereby reducing reckless and wasteful spending.

• S.J.RES.3 would require Congress to balance the federal budget for the purpose of reducing the nation's debt. The legislation would also prohibit deficit spending and tax increases unless overridden by two-thirds of the House and Senate.

• S.81, the Congressional Budget Accountability Act, would guarantee that any unspent funds from senators' office budgets must be used to pay down the national debt or reduce the deficit. Under the current rules, senators can return leftover office funds to the Treasury at the end of the fiscal year, but the money goes back into the general fund. Isakson's bill would require that these leftover funds go to pay down the debt or reduce the deficit.

• S.245, the CAP Act of 2011, would establish federal spending limits that will be gradually reduced over 10 years to 20.6 percent of the nation's gross domestic product, the historical average of federal spending.

• S.299, the REINS Act, would require more accountability and oversight from the Executive Branch and federal agencies and to prevent them from unilaterally imposing burdensome, costly regulations on America's families, businesses and local governments.