Perhaps not surprisingly, Republicans were quick to criticize President Barack Obama's federal budget for fiscal year 2013, accusing the administration of using gimmicks to inflate the level of savings.
Sen. Jeff Sessions, R-Ala., Ranking Member of the Senate Budget Committee, said, "Today we are witnessing one of the most spectacular fiscal cover-ups in American history."
"The White House claims they have introduced a plan to achieve $4 trillion in deficit reduction, with $2.50 in spending cuts for every $1 in tax hikes," he added. "But these assertions rely on a calculated series of budget gimmicks."
Sessions claimed that an honest analysis of the proposed budget revealed that it would reduce the deficit by only $273 billion over ten years and result in $11 trillion in new debt.
Republicans were also highly critical of Obama's plans to raise taxes on wealthier Americans as part of an effort to balance the budget, arguing that the many of the tax increases will impact small business and hurt job creation.
Senate Minority Leader Mitch McConnell, R-Ken., said, "The President's budget is bad for jobs because it includes the biggest tax hike in history and continues policies like the Democrats' health care law that are making it harder for small businesses to hire." "A little more than a year ago, the President extended current tax rates because he thought raising them would be bad for jobs," McConnell added. "Today he'll call for raising them anyway because he thinks it's good for him."
Republican presidential candidate Mitt Romney also got in on the act, saying that Obama's budget doesn't take any meaningful steps toward solving the nation's entitlement crisis.
"The President has failed to offer a single serious idea to save Social Security and is the only president in modern history to cut Medicare benefits for seniors," Romney said in a statement.
He added, "I believe we can save Social Security and Medicare with a few commonsense reforms, and - unlike President Obama - I'm not afraid to put them on the table."
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.