Hatch Blasts Senate Democrats’ Budget Proposal
WASHINGTON – U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, today blasted a budget proposal backed by Senate Democrats that reportedly calls for $2 trillion in tax hikes and $1.5 trillion in spending cuts. The plan is being described by proponents as having an even 50-50 ratio of tax increases and spending cuts. However, it reportedly is made up of 57 percent tax increases and only 43 percent in spending cuts.
“A plan that reportedly relies more on tax hikes than spending cuts is a recipe for an economic disaster. Lacking any credible evidence that this would actually reduce the deficit, it’s time for Senate Democrats to set their sights on what’s driving our deficits: runaway Washington spending.
“We are facing a debt crisis not because Americans are taxed too little, but because Washington spends too much. History has shown time and time again when tax hikes occur in the name of deficit reduction, the revenue is only used for more spending. For example, a recent analysis showed that $1.17 of new spending occurred with respect to every dollar of tax increases. Keeping our current tax policy in place will yield revenue above the average historic level of taxation, which is 18 percent of the economy."
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