Recent Press Releases

Washington, DC —  Senator John Thune today reacted to President Obama's Fiscal Year (FY) 2011 budget proposal, which was delivered to Congress this morning. The President's budget more than doubles the debt, drives spending to a new record of $3.8 trillion in FY 2011, increases the deficit to a new record of $1.6 trillion in FY 2010, and raises taxes by over $2 trillion through 2020. The proposal would elevate the debt held by the public to $18.6 trillion by 2020, which is 77 percent of our projected Gross Domestic Product.

"President Obama's attempt to recast himself as fiscally responsible comes a year late and falls a few trillion dollars short. Since taking office last year, the President and Congressional Democrats have increased discretionary spending by more than 20 percent, which is six times the rate of inflation," said Thune. "This reckless approach of more borrowing, more spending and raising taxes to expand the growth and reach of government does little to create jobs. The Obama Administration and Congressional Democrats must look beyond government spending as the primary vehicle for job creation and economic growth.

"Future generations of Americans are being asked to pay a very large bill while the majority party refuses to address the real, structural causes of our crippling debt. This budget proposal does nothing to address the root causes of overspending and borrowing; Congress and the President must commit to serious spending restraint before the debt grows beyond our control."

Senator Thune recently called for a freeze on non-Defense discretionary spending at FY 2008 levels. He has led several attempts to end the Troubled Asset Relief Program as a means of reducing the federal government's borrowing needs.

The budget proposal also reduces the federal tax deduction for charitable deductions, as did President Obama's budget proposal last year. Senator Thune's amendment to the FY 2010 budget to preserve the full deduction was approved in the Senate by a vote of 94-3 last April, but it was stripped out of the final budget bill.

"At a time when many in our country and around the world are struggling, any action that could limit charitable giving should not be undertaken," added Thune. "I will continue working with my colleagues to preserve the full deduction for charitable giving."