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Just days ago the nonpartisan Congressional Budget Office (CBO) released the details on the extraordinary increase in deficit spending by the federal government during the past two fiscal years. CBO announced that over the last two years the federal government has increased spending by a startling 21.4 percent. Unfortunately these numbers further demonstrate what most Americans already know – the federal government’s budget is increasing at an unsustainable pace.
In the past two years, with our economy still struggling, the Majority in Congress has worked hard to raise taxes, increase federal spending, allow our national debt to spiral out of control, and pass legislation that gives the federal government more control of our daily lives. They have spent trillions on bailouts and stimulus packages to help grow our economy, but all it has done is increase our debt and the size of the federal bureaucracy while leaving our nation’s unemployment rate hovering around ten percent. As the Wall Street Journal correctly noted in a recent editorial, “the Pelosi Congress has used the recession as an excuse to send spending to record heights, and its economic policies have contributed to a lousy recovery. The solution is to stop the spending and change the policies.”
Today, Washington spends $7 million every minute of every hour of every day and to finance this spending addiction the government must borrow 42 cents of every dollar spent. As a result our cumulated national debt will exceed $13 trillion this year. It is time Congress takes control of spending instead of letting it control the Congress. Immediate action must be taken to cut federal spending. Specifically, Congress should cancel the unspent “stimulus” funds which would save up to $266 billion. Additionally, Congress should cap discretionary spending and permanently end the bailouts of private businesses that force responsible taxpayers to subsidize irresponsible behavior. Reducing spending from current levels and imposing a cap on future growth would generate savings for the taxpayer in excess of $340 billion.
Furthermore, I have introduced bipartisan legislation which forces Congress to enact fiscally responsible spending measures and reduce the deficit by requiring that total spending for any fiscal year not exceed total receipts. By requiring the federal government to balance the budget it ensures that Congress and the President are held accountable to the American taxpayers.
I understand the serious problems our nation faces. Nearly ten percent unemployment is unacceptable. A national debt spiraling out of control is unacceptable. Runaway spending is unacceptable. The American people are demanding accountability and results. I will continue working hard to bring fiscal responsibility back to Washington by tightening the budget, eliminating wasteful spending, and enacting real, cost-effective solutions to create jobs and grow our economy.