WASHINGTON, D.C. – On the heels of last night’s action in the U.S. House and U.S. Senate, U.S. Sen. Jim Inhofe (R-Okla.), ranked the most conservative Senator by National Journal, today declared a double victory for Oklahoma taxpayers. The two front victory came when the U.S. House passed the tax cut extension bill, and when Senate Majority Leader Harry Reid (D-N.V.) pulled consideration of the $1.3 trillion omnibus spending bill, because he didn’t have the votes to pass it.
“These two actions amount to a tremendous double victory for Oklahomans,” Inhofe said. “Oklahomans win with an extension of the Bush tax cuts that will save each taxpayer an average of $2,800, and Oklahomans win with the Senate dropping consideration of the of the enormous Democrat Omnibus spending bill that would have saddled the nation with a devastating increase in spending.”
Inhofe continued, “Though not a perfect bill, passing the tax extensions now was the right thing to do. Keep in mind that history has shown us that when you reduce marginal rates, the economy grows and federal revenues grow along with it, so the claims that the tax reductions are the source of our deficits are false. We saw that when President Kennedy reduced rates, when President Reagan reduced rates, and when President Bush reduces rates. While I don’t like the Unemployment Insurance extension without being offset or the ethanol provisions, the tax bill was 94 percent good in maintaining lower taxes and employing Americans. During the next Congress, I will work with my colleagues, as I have already done, to repeal the ethanol portion, and I will continue to oppose unending unemployment benefits that are not paid for.
“Oklahomans won again when Harry Reid pulled the Omnibus spending bill from consideration. I have opposed the omnibus from the very start, because the enormous bill includes over $1 billion in funds to enact Obama’s plan of socialized medicine, roughly $1.4 billion for a variety of climate change programs to combat the hoax called global warming, abortion funding, and would increase the time the Department of the Interior has to award permits for domestic oil and gas production in the Gulf of Mexico and the Outer Continental Shelf. At the same time the bloated unsustainable spending is happening, this omnibus contains draconian cuts in the military.”