U.S. Representative Lou Barletta, PA-11, who went to the White House for a press conference Tuesday calling on the president to release his detailed plan to raise the debt ceiling, today issued the following statement regarding the current debt ceiling debate:
"The president has shown a stunning lack of leadership in the debt ceiling negotiations. House Republicans have presented several serious plans, and we've put them on paper. The president has not presented one plan on paper. We've asked for his plan on paper so we can review it and use it as a starting point. The president refuses to provide one," Barletta said.
"Instead, the president makes speeches and repeats talking points that are not grounded in reality. For instance, you hear the president talk about raising taxes on 'millionaires and billionaires.' The fact is, if you rescinded tax cuts on all Americans, including millionaires and billionaires, it would pay for about 28 minutes of the $4.7 billion in new debt accrued by the United States each and every day. If we listened to the president and increased taxes on corporate jets, that would pay for about 15 seconds of our daily borrowing. If we ended tax incentives to oil companies, that would pay for about 2 minutes of our new daily debt. Actually, if we raised all of the taxes the president talks about, it would pay for about a half-hour's worth of borrowing every day. So, Mr. President, how do you pay for the other 23 and a half hours of daily borrowing? Where is your plan?
"The president won't put his plan on paper because his numbers just don't add up. Rather than provide a solution, the president uses his bully pulpit and willing allies on the radical left to spread lies and scare people. Well, it's time for that to stop. We need the president to show leadership and present his plan," Barletta said.
"In the meantime, I was proud to vote for the Cut, Cap, and Balance plan yesterday in the House. Cut, Cap, and Balance will cut spending by $111 billion in fiscal year 2012, impose fiscally responsible spending caps, and amend the Constitution to require Congress to pass a Balanced Budget Amendment before raising the nation's debt limit. This is commonsense legislation that will require Washington to balance its budget and help end the out-of-control spending and borrowing. Why is balancing a budget such a bad thing in Washington? Only in Washington does the phrase 'balanced budget' freak people out," he said.
"In the end, this all comes down to economic growth and jobs. Earlier in the week, one of the most successful businessmen in the country, Steve Wynn, said, 'this administration is the greatest wet blanket to business, and progress, and job creation in my lifetime' and that the president "that's responsible for this fear in America." And Mr. Wynn is a Democrat.
"Mr. President, I didn't come to Washington to hear good speeches. I came to fix America's problems. Cut, Cap, and Balance would fulfill my promise to our children and grandchildren."
"The president inherited a bad economy, but he made a bad situation worse with his policies and lack of leadership. That's what brought us to this point," Barletta said.