Good morning. Today I am signing emergency legislation to fund the Federal government for the next seven weeks. This legislation was necessary because Congress failed in its most basic responsibility: to pass the spending bills that fund the day-to-day operations of the government. There are 12 of these bills this year, and Congress did not complete a single one of them, so Congress had to send me a stop-gap measure before the fiscal year ends this Sunday at midnight.
Congress's failure to pass these 12 spending bills is disappointing, but I do thank the Congress for passing this temporary measure, and for passing it without any new spending, new policies or new projects. It would have been wrong to deny essential government services to the American people while Congress works through its annual spending bills.
I also appreciate the way this bill handles our disagreements over the State Children's Health Insurance Program. Congressional leaders have put forward an irresponsible plan that would dramatically expand this program beyond its original intent. And they know I will veto it. But it is good that they kept the program running while they try to work out a more responsible approach.
Congress now has more time to complete its work on its annual spending bills. Earlier this year congressional leaders promised to show that they could be responsible with the people's money. Unfortunately they seem to have chosen the path of higher spending. They have proposed spending increases that would add an extra $205 billion on top of my Administration's budget request over the next five years. There's only one way to pay for such a large spending increase, and that is to raise taxes on the American people. So it is no surprise that the same Members of Congress who are planning this big increase in Federal spending are also planning the biggest tax increase in American history.
If these members get their way, the tax relief my Administration delivered could be taken away from you. Let me explain what this would mean for an average taxpayer. If you have children, your taxes would rise by $500 for each child. If you're a family of four making $60,000 a year, your taxes would be more than $1,800 higher. If you're a single mother with two children, working to make ends meet, your taxes would go up by more than a $1,000. If you're a small business owner working to meet a payroll, your taxes would increase by almost $4,000. And if Congress allows our tax relief to expire, more than 5 million low-income Americans who currently pay no income taxes would once again have to pay taxes.
These are not the only taxes Congress wants to raise. They're proposing higher taxes on dividends and capital gains. They're proposing higher taxes on cigars and cigarettes. They're proposing to raise taxes on domestic oil and natural gas production. They're proposing new taxes on stock and bond transactions. And they refuse to make the Internet tax moratorium permanent. If this tax ban expires, it would open the doors for State and local officials to impose new taxes on your access to the Internet.
At a time when many American families are dealing with rising mortgage rates, college costs, and health care expenses, it is wrong to take even more money out of your paychecks. Washington's elected leaders can do better. By working together, we can keep taxes low, help keep the economy growing, balance the Federal budget, and build on our record of fiscal discipline and greater economic opportunity for all Americans.
Thank you for listening.