U.S. Chamber Disappointed with White House Budget Proposal

Tax Increases and Spending Will Impede Job Growth

WASHINGTON, D.C.—U.S. Chamber Executive Vice President for Government Affairs R. Bruce Josten issued the following statement on the President's FY 2011 budget released yesterday:

"This budget, if enacted, will balloon the deficit, dramatically increase taxes in a weak economy, and undermine American job creation.

"The FY11 budget proposes even larger deficits and even more spending than last year's record-breaking totals. Over the next ten years, the White House proposes to increase spending by 12 percent more as a share of the economy than it has averaged over the past three decades. Using its own numbers, the administration's proposed budget deficits will cause debt as a share of the economy to increase by 13.6 percentage points.

"This budget is a surefire way to slow economic growth, increase unemployment, and make U.S. companies less competitive around the globe.

"The U.S. Chamber stands ready to support many of the job-creating proposals outlined in the State of the Union Address, including doubling exports in five years, expanding the use of nuclear power and offshore exploration for natural resources, implementing performance-based education reforms, improving worker training, and rebuilding our infrastructure. However, we cannot support a budget that will undermine the nation's overriding priority—creating jobs."

The U.S. Chamber of Commerce is the world's largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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