Concord, NH – Today the New Hampshire House and Senate Finance Committee of Conference voted to support a budget that increases spending by more than 13%, increases business taxes and creates a structural deficit. The budget will go to the House and Senate floors next week for an up or down vote. Senate Republican Leader Chuck Morse (R-Salem) and House Republican Leader Dick Hinch (R-Merrimack) issued the following statements:
“I will proudly support Governor Sununu when he vetoes this budget which squanders the revenue surplus from the Republican budget, raises taxes and contains a $93 million structural deficit,” said Senate Republican Leader Chuck Morse (R-Salem). “The budget being proposed increases business taxes, threatening an economy with the second lowest unemployment rate in the nation and the highest per capita income. The spending decisions in other parts of the budget make the increase in education funding unsustainable and will only lead to an income tax or capital gains tax. Promises that have been made by Concord Democrats in this budget cannot be kept and I look forward to supporting Governor Sununu’s veto.”
“This budget contains truly unsustainable spending levels and creates a budget deficit situation that sets us up for a future income tax,” said House Republican Leader Dick Hinch (R-Merrimack). “Democrats have already shown this year that they are willing and able to pass an income tax or capital gains tax. Even if those aren’t in this document, they’ve laid the groundwork for it through this fiscal irresponsibility. If you like the idea of an income tax, you’ll love this budget.”
“This budget contains a complete reversal of the promises we made to businesses and job creators on taxes. Republicans just can’t support raising taxes when our continued economic success hinges upon our competitiveness to retain jobs and foster growth here. We made a promise to job creators 2 years ago, and they expect us to follow through. You can’t create a thriving economy by squeezing more dollars out of the people who are creating jobs and growth.”
“This budget is unbalanced and built on inflated revenues that will lead us into structural deficits in the short term. It spends one-time revenue on the growth of government, which will hurt us now and in future budgets. It’s time for Democrats to wake up and put forward a budget that does not set us up to fail. When the Governor vetoes this budget House Republicans will stand together to support his veto.”