WASHINGTON, D.C.—While the fiscal cliff “compromise” passed Congress late Tuesday night neither of Newberry County’s congressmen are pleased with it.
“I voted ‘no’ on the Senate ‘compromise’ on the fiscal cliff last night,” said Third District Congressman Jeff Duncan. “Instead of making our country more secure, this compromise places our country on even shakier fiscal ground by completely ignoring why we’re $16 trillion in debt. Not only does this bill fail to address spending, but it potentially undoes the spending cuts adopted as part of the debt ceiling compromise from 2011.”
“I am extremely disappointed with the passage of H.R. 8 (Tuesday) night, the so-called “fiscal cliff” agreement,” said Fifth District Congressman Mick Mulvaney. “Quite simply, the agreement raises spending. Again. Indeed, its passage seems to reaffirm a disturbing truth about today’s Washington: compromises always lead to more spending, and more debt. Last night we added $330,000,000,000 to the national debt with new spending programs. At best, we have no plan for ever repaying that money; at worst, we have no intention to ever pay it back.
Duncan says he is glad that President Barack Obama and the Democrats have finally come to the realization that the Republican principle of lower taxes is the right thing for Americans.
“However, it’s unfortunate that they still embrace the politics which are dividing Americans further - those of class envy and redistribution,” said Duncan. “Our government spends too much. That is the bottom line.”
“Borrowing” money without intending to ever pay it back is not debt. It is theft. It is what we have been doing for too long in Washington. And instead of turning the tide last night, we continued our lazy ride toward inevitable financial ruin, said Mulvaney.
The President lauded the deal as a “balanced approach.” Mulvaney adds a balanced approach means 1) more revenue and 2) less spending.
“The fact that the President, or indeed, for that matter, anyone, considers more revenue and more spending to be “balanced” – is truly frightening. If that is the “balance” the President wants, I want none of it,” he added. “Yes, the agreement locks in the current tax rates for many Americans. It also provided a welcomed fix to the alternative minimum tax, and very real improvements in the death tax provisions. And I understand why many of my colleagues found those provisions to be attractive. Indeed, if this bill had been just about the taxes, I may well have been able to support it. However, ‘trading’increased spending and deficits for lower taxes is not a plan for compromise, it is a formula for economic collapse.”
“Without drastic spending reductions and efforts to address our growing debt burden, there is a real likelihood that we could experience European-style defaults and inflation in the future. I cannot, and will not, in good conscious, support these redistribution, Occupy Wall Street style proposals that have been put forth by the Administration and the Senate. We must include spending reductions and real reform efforts if we are going to begin securing a brighter future for our children,” said Duncan.
Also lost in the flurry of excitement over averting the fiscal cliff have been the literally dozens of special interest tax carve-outs for everything from wind energy to Hollywood movie production, said Mulvaney.
“Crony capitalism, it seems, is alive and well in Washington,” Mulvaney added. “This is wrong. It has to stop. We are spending ourselves into national decline. We had a chance last night to stop that, even if just for a bit. We failed. And by doing so, we failed the country.”
“I’m thankful a majority of Americans will be able to keep a lower tax rate, but incredibly disappointed that Washington continues to be weak-kneed when it comes to enforcing common sense fiscal responsibility,” said Duncan. “I voted ‘no’ on this bill because I will not be fooled into believing that Washington intends to use tax increases to pay down the debt. It is a betrayal of our oaths of office to continue to ignore runaway spending.”