President Obama is looking to again raise taxes as part of his Fiscal 2014 budget, but those attempts are a waste of time and stand no chance of becoming law, a Republican congressman said Thursday morning.
“Those are dead on arrival. … Strong income growth and spending restraint is really the key, and I think the president knows that,” said Rep. Kevin Brady, Texas Republican and chairman of the House Ways and Means Subcommittee on Health, during an interview on C-SPAN’s “Washington Journal” program on Thursday morning.
Mr. Obama’s $3.77 billion spending plan includes at least $580 billion new revenue by closing loopholes for wealthy Americans and by limiting tax deductions. The president also wants to eliminate tax credits and other breaks for oil and gas companies.
Such taxes, Mr. Brady said, aren’t the best way to tackle the deficit. He also said he’s troubled that Mr. Obama seems unwilling to truly address entitlement reform.
“One of the things that worries me is that he doesn’t seem willing, at this point, and maybe that will change, to save Social Security and Medicare for their own sake,” he said.
The budget does include the so-called “chained CPI” that would lower Social Security payouts over time, but there’s little else on the entitlement front.
With its new taxes and no true entitlement reform, Republicans have blasted the president’s budget. Sen. Ron Johnson, Wisconsin Republican, said the spending plan is “not a serious budget.” Rep. Paul Ryan, also a Wisconsin Republican, says Mr. Obama’s budget represents “the status quo.”