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HYDE-SMITH CASTS AN EMPHATIC “NO” VOTE ON DEMS’ $4 TRILLION RECKLESS TAX & SPENDING SPREE
“There’s an old saying that money doesn’t grow on trees. This is a lesson lost on Democrats…”
WASHINGTON, D.C. – U.S. Senator Cindy Hyde-Smith (R-Miss.) today cast an emphatic “NO” vote against an astounding FY2022 Reckless Tax and Spending Spree budget resolution that will allow Democrats to impose taxes and new spending exceeding $4.2 trillion to fund a gigantic expansion of federal government programs.
Passage of the budget resolution (S.Con.Res.14) came on the heels of Senate passage of a $1.2 trillion infrastructure package, which Hyde-Smith also opposed as another Democrat-led budget buster.
“There’s an old saying that money doesn’t grow on trees. This is a lesson lost on Democrats whose intent to spend trillions upon trillions of taxpayer dollars to grow government is astounding by any measure,” Hyde-Smith said.
“I believe the Democrats’ $4.2 trillion reckless tax and spending resolution represents an alarming jump toward a socialist federal government that imposes itself into every home, every business, and every organization in this country. It embraces a soaring national debt with a hope and a prayer that new taxes and more spending will save us. For this and many other reasons, I emphatically voted against this plan,” she said.
Among the problematic issues in the Democrats’ Reckless Tax and Spend Plan:
· $4.2 trillion in new spending over 10 years, including $3.5 trillion in new mandatory spending and $263 billion in new discretionary spending.
· No restrictions on the amount of tax increases allowed under this budget resolution or through the fast-track reconciliation process.
· An unenforceable provision to prevent raising taxes on anyone earning less than $400,000.
· Allows the national debt to soar to $40 trillion (119% of GDP) by 2031.
· Anticipates deficits that average $1.6 trillion annually, reaching $2.2 trillion by 2031.
· Permits effective flat lined defense investments, resulting in nearly $400 billion in defense cuts compared to current law projections.
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