Saturday, April 4, 2009

Foxx Opposes Debt-Financed Budget

The following is from a press release from NC Congresswoman Virginia Foxx

Foxx opposes massive, debt-financed budget
Votes in favor of alternative budget that keeps spending in check

WASHINGTON, D.C. – U.S. Representative Virginia Foxx (NC-05) voted last night against the Democrat budget that produces more than $9 trillion in new debt over the next ten years, in addition to raising taxes by more than $1.4 trillion. She also voted in favor of the Republican alternative budget that puts a lid on runaway government spending and keeps taxes low for North Carolina families.

“The choice was clear,” Foxx said. “It was a choice between a budget that borrows and spends unprecedented amounts of money and a Republican alternative that recognizes that we cannot borrow and spend our way to prosperity—that’s what got us into this mess in the first place.”

The Democrat budget plan remakes the federal government, creating the largest federal government since World War II. In the process of growing the size of the federal government the Democrat budget creates a record-setting deficit—$1.75 trillion. In contrast, the Republican alternative budget would save the nation $3.6 trillion over the next ten years.

But the differences don’t stop with debt and spending. The Republican alternative also refrains from raising taxes—unlike the Democrats’ budget, which raises taxes by $1.4 trillion over ten years.

Another key difference is the approach to energy policy. The Democrats’ budget contains so-called “cap and trade” provisions that will put a cap on carbon emissions and by extension, economic growth. This plan will raise the cost of energy for every sector of the economy and, according to the National Association of Manufacturers, will ship 3-4 million jobs oversees where energy costs will be much lower.

Instead of punishing Americans with a new energy taxes, the Republican budget pursues energy independence with an innovative plan that aggressively focuses on alternative energy without creating new taxes and government mandates.

“Two budgets with two sets of priorities: one budget means more government, more debt and more taxes,” Foxx said. “The GOP alternative, on the other hand, means a return to a common-sense approach to government that emphasizes individual freedom and responsibility instead of a big-government, nanny state.”

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