Cochran on President's FY2016 Budget: Congress Will Insist on Greater Budget Discipline
WASHINGTON, D.C. – U.S. Senator Thad Cochran (R-Miss.), chairman of the Senate Committee on Appropriations, today said President Obama’s FY2016 budget lacks the fiscal discipline needed by a nation still recovering from a long economic downturn.
The President on Monday submitted to Congress a nearly $4.0 trillion budget for FY2016, marking the beginning of the annual federal budget and appropriations process.
“The President has the right to propose all manner of new spending and tax increases in his budget request, but I think a Republican-led Congress will insist on greater budget discipline. Our country remains in a perilous fiscal situation, with debt levels projected to continue to rise to historic highs. The President’s budget does not address that fact, and would actually increase our debt by trillions of dollars over the next 10 years,” Cochran said.
“For its part, the Appropriations Committee will scrutinize the proposals under its jurisdiction and look closely at which programs are working well and which need to be improved or eliminated. We will work to ensure that tax dollars are used wisely and in the public interest,” he said.
The President’s budget asks Congress to approve $2.1 trillion in new tax increases, which would be in addition to the $1.7 billion in tax increases already imposed during the Obama administration. The administration recommends growing federal spending by $259 billion, or 7 percent, next year. Under the FY2016 budget proposal, interest payments on the national debt would accelerate and soon rival spending sought for national defense, Medicaid or the combined total of all non-defense agency spending.
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