Both Congressman Steve King (R-IA) and Congressman Tom Latham (R-IA) voted no on the fiscal cliff deal yesterday which offered $1 of spending cuts for every $41 in tax increases.
Congressman Latham issued his statement yesterday:
The White House-Senate compromise contains some good provisions I agree with, such as preventing massive tax hikes on most families and finally making the cuts permanent, extending the farm bill, and maintaining the wind energy tax credit. However, it lacks a critical component: necessary spending cuts to address our exploding debt. Our $3.5 trillion budget is and will continue to be our primary fiscal obstacle, and a bill that increases taxes and fails to even begin to address spending decisions is not the action American taxpayers have asked for.
In recent weeks, House Republicans put forth revenue increases as part of a balanced plan that would also tackle Washington’s out-of-control spending. Instead of responding in-kind, the President and Senate leadership focused on tax hikes as the centerpiece of any potential deal, and in so doing, they abandoned the historic opportunity to take on deficit reduction in a serious manner.
Because the final legislation asked everything of taxpayers while not forcing Washington to even begin a single step toward curbing its spending addiction, I cannot support it.
Congressman Steve King issued his statement today:
I could not vote for this bill because, as a whole, it’s bad for our country. There are a number of provisions in this bill that I support, such as those addressing the Alternative Minimum Tax, the Farm Bill extension, the Production Tax Credit for wind and biodiesel, and making certain tax policies permanent- but I’m not for the permanent and accelerated growth in our debt and deficit. This bill makes no effort to curb the out of control federal spending that’s to blame. In fact, it proactively puts off, for another two months, the sequestration – the only serious effort to begin reining in federal spending that’s currently on the table. This bill will ensure that the President has yet another opportunity two months from now to pressure Congress for more tax and revenue increases.
The President says he is for a balanced approach to deficit reduction, but this is nothing close to balanced. We cannot tax our way out of the spending dilemma we’ve created. The American people know that Washington has a spending problem, not a taxing problem. We must dramatically cut spending. I opposed this bill because it raises taxes without any plan to reduce the deficit. It simply kicks the can further down the road and ensures the President will have another crack at taxpayers’ wallets while offering no substantive solutions to stop this spending crisis.
Tags: Fiscal Cliff, spending, Steve King, taxes, Tom Latham