|
Central Texas congressman Lamar Smith is joining the chorus of Republican lawmakers critical of President Obama's proposed $3.8 trillion budget. Texas Public Radio’s David Martin Davies reports.
February 8, 2010 · It spends too much. It taxes too much and racks up too much debt — that’s what Representative Lamar Smith says is wrong with the Obama federal budget.
“When we talk about the deficit or the debt we are talking about borrowing money from the American people, which puts them in greater debt. It’s a drag on the economy. It’s going to increase the unemployment rate. It’s going to increase inflation eventually and it’s going to slow economic growth,” said Smith.
Sitting with the multivolume budget stacked on his desk Smith says one quick way to trim the budget is to stop all stimulus spending.
“The main job creation has been in the government. We need private sector job creation. Seventy percent of all jobs created in America are created by small businesses. We need to give them tax credits, and that’s something maybe we can agree with the White House on. We’ll have to see what form that will take,” said Smith.
The White House defends the budget saying it provides tax cuts to the middle class and warns that cutting stimulus spending will put the economy back in a tailspin right when the recovery is starting to pick up speed.
Smith says the best way to bring about an economic recovery is to balance the federal budget.
|
