[Congressional Record (Bound Edition), Volume 153 (2007), Part 5]
[House]
[Page 6136]
[From the U.S. Government Publishing Office, www.gpo.gov]




       CBO SAYS PRESIDENT'S BUDGET WILL NOT REACH BALANCE IN 2012

  (Mr. SIRES asked and was given permission to address the House for 1 
minute.)
  Mr. SIRES. Mr. Speaker, 2 weeks ago the nonpartisan Congressional 
Budget Office released a primary analysis of the President's fiscal 
2008 budget and found that the administration would fall short of its 
claim of balancing the Federal budget by 2012 without raising taxes. 
This contradicts comments made by the President when he unveiled the 
budget last month and claimed that his budget will be balanced by 2012 
without raising taxes.
  According to the CBO report, the President's budget will run a $9 
billion deficit just 5 years from now. That report also concludes that 
the President's budget will lead to higher taxes for millions of 
middle-class Americans. First, his budget only includes a 1-year tax 
fix for the alternative minimum tax, which will lead to a $247 billion 
tax increase on middle-class families over the next 5 years. Then the 
President's health care plan will result in a tax increase of $500 
billion over the next 10 years on middle-class families. This is 
unacceptable.
  Mr. Speaker, it is time that the President levels with the American 
people about the budget that he proposed a month ago.

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