Washington, D.C. – Congressman David Schweikert (R-AZ), Vice Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises appeared on Fox News’ Cavuto to discuss the president’s budget speech Wednesday. Here is the video and excerpts from the interview:
SCHWEIKERT ON TAX INCREASES TO BE PROPOSED IN OBAMA’S ‘NEW’ BUDGET:
“Well, horrible idea. Particularly if you are trying to trade jobs and economic growth. But isn’t this stunning? Think of this, a month after the president sent us his budget, is he about to repudiate what he gave us and say ‘Oh, I want to join the gang that’s now going to start working on entitlements?’ It’s an amazing turn of events if you think about it.
“We know from his 2012 budget proposal there were 43 new taxes or increased hikes in taxes. And none of them have not been dynamically scored so they claim they’re going to get another trillion and a half dollars over ten years in revenues. Without it being dynamically scored, I’d love to find out how many jobs, how many small businesses, how much economic growth he’s going to destroy by once again engaging in this class warfare.”
SCHWEIKERT ON CBO SCORING OF THE BUDGET:
“One of the things that surprised me most in my now 100 some days in Congress, is when you get numbers from the Congressional Budget Office, they don’t put them through dynamic scoring model. Everything you and I know about the velocity of money and creating that multiplier effect doesn’t exist in the numbers we get from our own budget folks.
“Think about what is in the Ryan proposal, lowering marginal rates, but broadening it out. We already know from the president’s own debt commission, the discussion of doing those things that are necessary to create economic growth.”
SCHWEIKERT ON PRESIDENT OBAMA’S ‘NEW’ BUDGET:
“A part of me puts my cynicism hat on. What I often see with a lot of the politicians, what they care most about is re-election. Does he believe he now has to stand up, look like he’s a budget cutter, that he cares about saving the entitlement systems by rebuilding them? How much of this is theater and how much of this is also the messages we’re getting from the markets saying, ‘you know the markets aren’t going to tolerate us continuing to grow the debt in this fashion.’”