Wednesday, July 27, 2011
Hatch Comments on President's Call for Tax Hikes
According to You Tube:
"In a speech on the Senate floor today, U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, blasted President Obama's call last night for tax hikes on job creators and middle-class families to bring down the debt. Hatch explained that the President is the only one calling for these tax increases, when the cause of the over $14 trillion debt is spending.
Following are excerpts from Hatch's speech:
On the President's 'Balanced Approach':
"The President talked last night about the need for a balanced approach. Here's what he means by that. To balance the budget his way, we will have to raise taxes by roughly $2 trillion. So what does he think of the plan of the Senate's distinguished majority leader? After all, the Majority Leader has put forward a plan that does not contain tax increases. Presumably, the President would therefore oppose the Majority Leader's plan as unbalanced. But that would assume the President is not playing politics with this debate."
On Politically Opportunistic Red Herrings:
"All of the demagoguery on jets and yachts and oil companies, yields about one week of deficit reduction from the President's ten year debt. Even throwing in a one-time confiscation of all the income for taxpayers above $1 million, you can only add 244 days. Add it all up and what the President is proposing amounts to less than one-tenth of deficit reduction from the debt President Obama will add over the next 10 years."
On a Failure of Leadership:
"Instead of lead, he offered no solutions. Concerns about reelection were of greater priority than the imminent downgrading of the nation's credit rating — a downgrade that will work as a tax increase on home owners, students, and the Treasury itself which is responsible for servicing the $14.3 trillion in existing debt.
"Unable to propose tax increases on the middle class, and unable to reform entitlements due to liberal dead-enders, he chose to offer up platitudes and class warfare that might play well with some constituencies but do nothing to address the fundamental problem this nation faces. This country cannot avoid the choices that are coming. We have to get our spending under control."
On the Need for a Balanced Budget Amendment to the Constitution:
"The Balanced Budget Amendment that I introduced along with my colleague and friend from Utah — Senator Lee and all 47 Senate Republicans is absolutely essential. It would fix this problem once and for all. But the President opposes it. He talks a lot about empowering people. Well, the Founders of this country empowered the American people to make changes to the Constitution. Why not give them the opportunity to pass this amendment?"