On Monday, Congressman Harold Ford Jr. appeared on CNBC's Squawk Box.When speaking about the budget, Ford said that the most important thing that has happened in past 5 years has been the incredible growth in the size of government and the enormous growth of the federal deficit and its long term impact on markets and the governments ability to honor commitments, whether it be entitlement programs, military commitments abroad, or general domestic spending, such as health care and education.
Ford said that he voted for 3 of the 4 tax packages last week, including relief under the alternative minimum tax, but he could not in conscience add more debt onto nation's coffers and future generations.
The Congressman said he hopes that for the first time in his Presidency, the President's budget will be balanced. He added Democrats and Republicans alike would welcome it.
Ford pointed out that over the past 5 years it has one party (Republicans) been in control, which has overseen the enormous growth in the size of the federal government.
When asked if it was consistent to oppose dividend tax cuts when IRS estimates say that a quarter of receipts come from individuals ages 65 and over when we continuously look for support of our older generation, Ford said it should not be about age. He said that he is just as interested in people forty and under because they will be the ones footing the bill. Ford added that we should not pit any class or age groups against each other because we are all Americans.
The Congressman recalled a time when Republicans were deficit hawks and Democrats were perceived as the big spenders. How times have changed, Ford pointed out. It is now the Blue Dog Democrats who are the fiscal hawks and the Republicans who just can't stop spending, he added.
Ford reminded everyone that while appearing on the Squawk Box several months back, he offered to give back his transportation pork projects back to help pay for Katrina rebuilding, if his colleagues were willing to do the same. However, since that time, there has been no sparing of spending, he added.
Ford pointed out that while tax receipts may be going up, the deficit is also going up and we are making cuts in key areas for states like Tennessee where Medicaid is being cut. He added, as much as the receipts are going up, deficit is going up and and challenges at home are not dwindling.
More: Read more on Congressman Ford's excellent record on fiscal responsibility. (1, 2, 3, 4, 5, 6, 7, 8, 9)
