House Republicans met at 1:00pm EST Tuesday to discuss the Senate approved "fiscal cliff" proposal. The proposal would preserve the Bush income tax cuts for people making less than $400,000 a year of families making less than $450,000 a year. The bill would also extend long-term unemployment benefits for millions of Americans, but would also increase the US deficit significantly.
"I have received a report from the Congressional Budget Office which says the Senate bill will increase our deficit, on a annual basis, by $329 billion," said Congressman Mo Brooks via telephone Tuesday afternoon. "There is also a significant amount, roughly $50 billion a year, in spending increases."
Brooks says he has two main problems with the legislation. First, he feels the bill was pushed through the Senate to quickly.
"First and foremost, they have passed this in the wee hours of the morning without even Senators having an opportunity to digest what they were doing and having been educated accordingly," he said.
His second reservation is the increase in spending.
"Instead of the senate exercising some kind of financial responsibility and cutting spending, to the contrary they have actually increased spending by roughly $50 billion a year."
According to the Congressman, regardless of the passage of this bill, taxes will go up on Americans in the very near future.
"There will be substantial tax increases regardless of what congress does this week. The Obamacare taxes on medical devices and health insurance and on a certain kinds of financial gains, are very substantial…they are not even in discussion," he explained. "You have got the payroll tax holiday that is going to expire so people will see a significant reduction in their take home pay."