Today, Congressman Bob Latta (R-OH5) provided the following statement after voting against House Democrats’ $3.5 trillion budget. The budget was “deemed” passed in a vote on the House rule.
“Today, House Democrats took the most extreme budgetary action in the history of our country. That may seem like hyperbole, but let’s look at the facts. This $3.5 trillion budget would explode the deficit and increase the national debt in a way that would burden our children and grandchildren for generations. On this track, the U.S. taxpayers will pay $910 billion in interest payments ALONE in 2031 and will pay $5.4 trillion in interest over the next decade. That’s trillions of dollars that aren’t helping to shore up Medicare or Social Security, support our troops, or protect our border. It will be money spent simply on servicing our runaway national debt.
“The pain of this out-of-control spending is already being felt at home. Inflation is through the roof, and I continue to hear from my constituents who are facing higher prices at the pump, the grocery story, and at restaurants.
“Unfortunately, it’s not just the spending that’s a problem with this budget. It will also raise taxes on Ohio’s middle-class families and small businesses. According to the U.S. Chamber of Commerce, the Biden Budget would raise taxes by 33 percent for 1.4 million small businesses. It would also eliminate a popular small business deduction in the Tax Cuts and Jobs Act that has helped 21 million small businesses hire workers, increase wages, and invest in their business.
“The Democrats’ budget will also supercharge the Death Tax and will tax countless family farms out of existence. The budget reduces the Estate Tax exemption from $11 million to $1 million for inherited assets. This means that land intensive businesses – like family farming – would be firmly in the crosshairs. Even the top Democrat on the House Agriculture Committee has raised the alarm about this proposal, saying that it would raise revenues on the ‘backs of our food, fuel, and fiber producers.
“This budget was so unpopular that Speaker Pelosi couldn’t even round up the votes in her own caucus to support it. She was forced to use an unprecedented parliamentary gimmick to force my Democrat colleagues to vote for it. Regardless of how it passed, the American people should not be fooled – this budget is the worst I’ve ever seen.”
Earlier this month, Latta authored an op-ed warning of runaway spending in Washington and the effects it is having on the prices that Americans are paying for their goods and services.
###
