ALBANY — NYGOP Chair Ed Cox released the following statement in response to the New York State Democratic Committee’s release regarding the federal debt limit:
“The Democrats’ statement is a gross misrepresentation of the debt limit legislation adopted by the U.S. House of Representatives last week. Their screed is replete with false and misleading accusations about the House Republican plan.
“House Republicans have acted responsibly in passing legislation that raises the debt limit, thereby avoiding a potential default by the U.S. government. At the same time, the GOP plan responsibly scales back projected domestic spending – limiting annual spending increases to 1% – over the next decade, saving approximately $3.6 trillion dollars. The GOP plan does not affect Social Security, Medicare, or spending on national defense.
“Domestic spending will gradually increase under the GOP plan and wild tales of spending reductions are patently absurd. Federal spending has increased from $4 trillion to well over $6 trillion over the past three years. Inflation is raging due to the failure of Washington and Albany Democrats to control spending. This is the worst inflationary period in over 40 years and since Joe Biden took office, consumer prices have increased nearly 15%.
“Interest payments on our existing debt are $400 billion this year; if Biden’s spending plans were enacted, annual interest costs on our debt, according the CBO, would be nearly $1 trillion by 2030. Biden, Chuck Schumer and Hakeem Jeffries believe they can trick Americans and New Yorkers into thinking that unlimited increases in spending won’t affect their jobs or their family budgets. But these policies will be disastrous for our nation and our state.
“Lastly, Schumer and Jeffries are oblivious to the fact that the steep increases in federal taxes that Biden proposes will result in a continued exodus of successful people from our state to states like Florida, which have no state income tax. Higher federal taxes will only incentivize many more New Yorkers to leave the Empire State as documented in recent reports of IRS data.”