Kay Bailey Hutchison: “I do wish to speak about the fiscal year 2013 budget that came out this week from the President, and I guess I would…”

“I do wish to speak about the fiscal year 2013 budget that came out this week from the President, and I guess I would start by saying here we go again. Here we go again. We have another budget given to us by the President that increases spending and increases taxes to a huge extent. It is stunning, $1.9 trillion in tax increases in the President's proposal over the next decade. Instead of coming forward and giving responsible solutions to a $1 trillion annual deficit--which is what we have, $1 trillion. My gosh, we didn't even have debt that was $1 trillion. Now we have debt that is almost $16 trillion, and we are talking about more deficits? Most important, the President didn't put anything in his budget on entitlement reform. So he gave us another budget proposal that spends too much, borrows too much, and taxes too much, which is the same thing that happened last year. The President's request proposes $11 trillion in gross new debt--$11 trillion in gross new debt--over the next 10 years that would make our total national debt, if we stuck to this budget, $25.9 trillion in 2022. Oh, my gosh, $25.9 trillion, and we are talking about this as a serious proposal? These numbers are untenable. It is a path that is unthinkable for this country. So $1.4 trillion of the President's proposed tax increases over the next decade would fall on individuals.…”