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Crisis averted: Washington avoids fiscal cliff, Texas lawmakers disappointed in results
By Marthe Stinton, mstinton@starlocalnews.com
The fiscal cliff has been avoided thanks to a Robin Hood plan that targets the more affluent and weakens the blow on the middle and lower classes. But Texas lawmakers aren't singing praises just yet, as Republicans across the state are folding their arms in disgust.
The newly signed tax plan, The American Taxpayer Relief Act of 2012, is being billed as a bipartisan agreement - the first in 20 years - that keeps taxes low for the middle class while allowing the economy to grow.
According to whitehouse.gov, millionaires and billionaires will "pay their fair share" to reduce the deficit through permanent tax rate increases and reduced tax benefits. The agreement ensures that the country can continue to make investments in education, clean energy, and manufacturing that create jobs while strengthening the middle class.
"Washington leaders side-stepped the opportunity -- the obligation -- to reduce spending, keep taxes low, and create an environment where the economy can grow. They should have employed the Texas model of limited government, lower taxes and a fair and predictable regulatory climate," the statement read.
"Unfortunately, the deal cut [last] week in Washington keeps America on the wrong path."
Abbott said deal will increase the deficit by $4 trillion over the next decade.
"At some point, the spending spree in Washington must end and the longer we wait to address our nation's debt crisis the more painful the consequences will be," he said. "The irresponsible spending in Washington will surely impact Texas - and it won't be pretty."
Rep. Michael Burgess (R-Lewisville), echoed Abbott's concerns in a video released shortly after the signing of the deal, adding that he remains worried for the country's future and will not let down his "commitment to change the federal government's out-of-control spending habits."
"Some good news, the legislation that did pass will offer permanent tax relief for most Americans," he said. "That part of the bill was easy to support. The problem is, there is new spending, a lot of new spending, in the bill - and we are currently over $16 trillion in debt. If we continue on President Obama's current trajectory, the projected debt at the end of his second presidential term will be over $22 trillion. This is reckless."
U.S. Rep. Sam Johnson, (R-Plano) said he voted against a "bad bill that raises taxes on families and small businesses."
"I never have, and never will, support legislation that digs deeper into the pockets of hard-working taxpayers of the 3rd District to foot the bill for Washington's spending," he said in a statement. "The president must work with Congress to address the real problem hurting our economy - spending. Americans want, need and deserve better protection of their taxpayer dollars."
U.S. Senator John Cornyn (R-TX), who voted for the act, said he did so because it prevents a giant increase on the majority of Texans as well as Americans.
"Nonetheless, I am dismayed at the lack of seriousness by the president on dealing with the core issues of our fiscal problems," he said in a statement. "Our spending is unsustainable and it is high time the president and his party engage in meaningful dialogue to get this county's spending under control."
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