Congressman Wolf Says "No Thank You" to President Obama's Tax and Spending Bill

December 19, 2010

A visit to Congressman Wolf's website finds this press release:

WOLF VOTES AGAINST THE PRESIDENT'S TAX AND SPENDING PLAN

Friday December 17, 2010

Washington, D.C. - Rep. Frank Wolf (VA-10) early this morning voted against an $857 billion tax and spending bill, saying the plan is "a bridge too far."

In a statement submitted during debate on the legislation, Wolf said that he supports reducing the tax burden on all Americans by extending the 2001 and 2003 tax cuts for all taxpayers, reducing or eliminating the estate tax, and limiting the impact of the alternative minimum tax. But he said he could not in good conscience vote for legislation that would add nearly a trillion dollars to the nation's massive debt without any way to offset its cost.

"With this package we are saying, 'charge it,'" he said. "We aren't even making an attempt to pay for it."

Wolf referred to the tax deal as a "handout" rather than a "compromise" with hundreds of billions of dollars in add-ons such as the extension of tax credits for ethanol production, for maintaining railroads, and for Hollywood film producers.

He also expressed concern that the legislation includes a 2 percent tax "holiday" for those paying Social Security payroll taxes at a time when the Social Security trust fund is already going broke.

"Compromise implies that both sides of the negotiation give something up," said Wolf. "No one gave anything up."

Additionally, Wolf cited a report from Moody's Investment Service warning that the tax legislation could jeopardize America's coveted AAA bond rating and any positive effects of economic growth would be outweighed by negative effects on government finance.

Wolf also referenced the report issued last week by the president's commission created to study the nation's debt and budget crisis. The leaders of the bipartisan commission, Erskine Bowles and former Senator Alan Simpson, recently warned Congress that "it would have to start making tough choices to make ends meet."

"Today, we see that once again, Washington is punting," said Wolf. "Less than 80 hours after the debt commission's warnings, this 'compromise' was unveiled at a cost of nearly a trillion dollars in borrowed money," he added.

Finally, Wolf pointed to remarks made by Senator Tom Coburn (OK), who said "the fact is, both parties have laid a trap for future generations by our inaction, our laziness, our arrogance, and a crass desire for power. We are waterboarding the next generation with debt."

"America is going broke, and we are taking away the future economic security of our children and grandchildren," said Wolf.

"Enough is enough. I vote no."

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