Baucus Comments on President’s FY 2011 Budget

Baucus applauds commitment to job creation and economic recovery

Washington, DC – Senate Finance Committee Chairman Max Baucus (D-Mont.) commented today on President Barack Obama’s Fiscal Year 2011 budget. The Senate Finance Committee’s jurisdiction includes tax policy, Medicare, Medicaid, the Children’s Health Insurance Program, Social Security, and international trade. Baucus said today that he is pleased with the investments made by the budget in job creation, health care reform and economic recovery.
From Chairman Baucus:

“The President’s budget illustrates a significant commitment to sound solutions for this country’s economic crisis. The job creation funds allocated in this budget will help rebuild the foundation of our economy – the middle class. They will help small businesses hire more workers and provide assistance to individuals, businesses and families to get through the recession. I’m committed to working with President Obama and my colleagues in Congress to pass legislation that meets the goals laid out in this budget to cut taxes for small businesses and working families. I expect we will soon release the first bill in the jobs agenda we will pursue this year.

“A jobs agenda should also pursue opportunities abroad to create good jobs here at home. I’ve long stressed that promoting U.S. exports across the globe will strengthen the American economy and spur job creation here at home. I am encouraged by the President’s commitment to promote U.S. exports by implementing the National Export Initiative, which has the goal of doubling exports within five years and creating two million American jobs. But this initiative should be only the first step in America’s trade agenda. It is time for theUnited States to seize new opportunities around the globe that will cement our role as the leader in global economic competitiveness and bolster our economic engine. The Office of the United States Trade Representative plays a critical role in promoting U.S. exports, butthat role is not reflected in today’s budget. During this time of economic crisis, I will work to ensure that all agencies with a role in improving the competitiveness of U.S. firms receive the funding they need.

“I am pleased to see that health reform is assumed to be part of the President’s FY 2011 budget. Health reform helps fulfill the promise to get our economy back on track and makes critical investments in our health care system. Modernizing health care for the 21st centurywill make the system more efficient and less costly for American families, businesses and our federal budget. Health reform is a critical component in our effort to combat a decade of ballooning federal deficits that will cut our debt by as much as $150 billion in the ten years following enactment and hundreds of billions more in the decade that follows. We must pass health care legislation quickly this year.

“The tax policy the President presents in this budget puts a strong emphasis on a robust middle class and responsible fiscal policy. Policies to crackdown on offshore tax evasion track closely with the Foreign Account Tax Compliance Act my colleagues and I released last year and I remain committed to tightening the tax code to prohibit the ability to hide assets abroad and evade U.S. tax laws. I also support the President’s goals of reducing incentives in the tax code that may move U.S. jobs and investments overseas, but these policies are better addressed in the context of overall tax reform that will make the entire tax code more simple, fair and responsible. I intend to work in the Finance Committee to prepare for comprehensive tax reform that will meet the goals of making U.S. businesses more competitive globally and making America a more attractive location for business investment. Finally, I am pleased that the budget includes additional funding for the Advanced Energy Manufacturing Credit, which the Finance Committee wrote and passed as part of last year’s Recovery Act. This credit is an important incentive to promote the production of new forms of energy here in the U.S.”

This week Baucus will convene a series of three Finance Committee hearings to examine the President’s budget this week with Treasure Secretary Geithner, Health and Human Services Secretary Sebelius and Office of Management and Budget Director Orszag. More informationon those hearings can be found at http://www.finance.senate.gov/sitepages/hearings.htm.

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