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FOR IMMEDIATE RELEASE
Contact: Aaron Groen
(202) 225-2071

Congresswoman Virginia Foxx (NC-05) today released the following statement on the Democrat’s proposed FY08 budget:

“The House Democrats showed their true colors today. In proposing a budget that includes the largest tax increase in history, the Democrats have proven that they would like nothing better than to return to the tax and spend model of government.

“The Democrats plan is a reckless proposal that would spend $24 billion more than President Bush requested—all without substantially addressing the spiraling costs of Medicare, Medicaid and Social Security. This massive spending spree means they can no longer hide behind rhetoric about fiscal responsibility.

“The 2001 and 2003 tax cuts, which the Democrat budget assumes will expire, have spurred record tax revenues and economic growth. But this plan would allow these valuable tax cuts to expire, hurting married couples, families with children and single parents.

“According to the U.S. Department of Treasury, the Bush tax cuts lowered the tax bills of nearly 3 million North Carolinians. More than 2.5 million experienced lower taxes as a result of a new 10 percent bracket that cut taxes for the lowest income taxpayers.

“But the Democrat budget kills these tax cuts. This includes 936,000 married couples who—if the Democrat budget is approved—would see their taxes go up, as well as 837,000 married couples and single parents who face a major reduction in the child tax credit under the Democratic budget plan.

“This budget signals the Democrat’s failure to follow through on their pledges of fiscal responsibility. It raises the taxes of tens of millions of Americans while refusing to rein in federal spending.”

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