U.S. Chamber Comments on President Obama’s Budget

WASHINGTON, D.C.—U.S. Chamber of Commerce Chief Economist Dr. Martin Regalia issued the following statement today on President Obama’s budget:

“The Obama budget is months late and trillions of dollars short of what is needed. The budget calls for more spending and more taxation than the CBO baseline. It leaves the debt-to-GDP ratio at 73% ten years from now and is able to achieve this modest gain only by dramatic increases in taxes and economic assumptions that can only be described as optimistic.

“What the country needs most is an approach by Washington that expands economic growth, creates jobs, and lifts our entire economy. Unfortunately, the president’s budget expands the government at the expense of  American workers, families, and businesses. The never-ending quest for higher taxes will depress growth in the private sector and encourage more irresponsible spending, which will drive our country deeper into debt. Although we appreciate the recognition that entitlement spending is the main driver of our debt and deficits, the budget contains no serious reform to these programs to fit the demographics of the country. 

“Businesses need comprehensive tax reform, which means addressing both the corporate and individual sides of the code. Simply raising taxes on individuals and small businesses so that Washington can spend elsewhere has not worked in the past, and will be certain not to work in the future.”

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.