WASHINGTON- U.S. Congressman Jeb Hensarling (R-TX) issued the following statement on H.R. 8, the American Taxpayer Relief Act of 2012.
“America is staring in the face of a spending-driven debt crisis, the likes of which is putting us on the road to becoming Greece. After amassing more debt in four years than in all of our nation’s previous years combined, shockingly the president’s only solution is to offer both more small business tax increases and more federal spending increases.
“Massive tax increases were built into current law and despite our attempts, Republicans could not avert them with a president who was unwilling to work with us in a meaningful way. The president now owns the job losses and economic harm that otherwise would not have occurred. Equally harmful if not more, the president is misleading the American people by trying to convince them his tax policies can solve our debt crisis. Besides costing Americans more jobs, his desired taxes amount to approximately 3% of his desired spending; almost 20% of the additional trillions he proposes to add to the national debt over the next 10 years. The only way to pay for the president’s historic spending spree is to impoverish our children with debt, or ultimately and massively increase taxes on working Americans.
“Although the president claimed throughout this campaign he wanted a balanced approach of tax increases and spending reductions, H.R. 8, as amended by the Senate, not only encompasses his desired tax increase, but shockingly includes spending increases as well. I cannot support this in good conscience. I respect those of my Republican colleagues who reluctantly supported the bill in order to stave off further tax increases and economic harm. There were no good options to be had.
“The only way to give working Americans greater economic opportunity and their children brighter futures is to do the following: quit spending money we don’t have; institute pro-growth tax reform; and reform and secure current entitlement programs for future generations.”