King: Tax Hikes Won't Solve Spending Problem

Washington, DC - Congressman Steve King released the following statement after voting against the Fiscal Cliff deal late last night:

"I could not vote for this bill because, as a whole, it's bad for our country," said King. "There are a number of provisions in this bill that I support, such as those addressing the Alternative Minimum Tax, the Farm Bill extension, the Production Tax Credit for wind and biodiesel, and making certain tax policies permanent- but I'm not for the permanent and accelerated growth in our debt and deficit. This bill makes no effort to curb the out of control federal spending that's to blame. In fact, it proactively puts off, for another two months, the sequestration - the only serious effort to begin reining in federal spending that's currently on the table. This bill will ensure that the President has yet another opportunity two months from now to pressure Congress for more tax and revenue increases.

The President says he is for a balanced approach to deficit reduction, but this is nothing close to balanced. We cannot tax our way out of the spending dilemma we've created. The American people know that Washington has a spending problem, not a taxing problem. We must dramatically cut spending. I opposed this bill because it raises taxes without any plan to reduce the deficit. It simply kicks the can further down the road and ensures the President will have another crack at taxpayers' wallets while offering no substantive solutions to stop this spending crisis."