Budget
I am a strong proponent of a balanced federal budget and an advocate for reducing the size of the federal government. To facilitate the return to balanced budgets, Congress has a number of tools at its disposal, including reducing spending, improving government efficiency, budget process reform, and promoting economic growth through tax relief.
President Bush submitted his Fiscal Year 2007 Budget to Congress on February 6, 2006. On May 18, 2006, the House of Representatives passed its version of the Fiscal Year 2007 Budget Resolution (H.Con.Res. 376). The House-passed budget resolution provides $873 billion in discretionary funds, establishes a $50 billion reserve for the War in Iraq, and Accommodates enactment of House-passed tax bills that will ensure that hard-working Americans do not face a tax increase.
In Fiscal Year 2006, Congress passed the Deficit Reduction Act of 2005, which is expected to achieve savings of almost $40 billion over five years. This was the first time that Congress had reduced entitlement spending in 8 years. H.Con.Res. 376 continues this reform effort and directs the standing committees to reduce expenditures by $6.8 billion over five years, and keep us on track to cut deficits in half by Fiscal Year 2009. H.Con.Res. 376 also contains budget process reform that will improve the way Congress budgets: it establishes a “rainy day” fund to better budget for natural disasters and emergencies. The Senate passed their version of the budget resolultion, on May 19, 2006 by a vote of 218 - 210. Unfortunately, the House and Senate were unable to resolve the differences between the two versions of the budget resolution and a Conference Report was not enacted.
On September 13, 2006, the House passed S.2590, The Federal Funding Accountability and Transparency Act of 2006, which allows the public to access a list of all entities receiving Federal funds using a single, searchable website. The next day, the House voted, 245-171 to change House Rules to require that all earmarks be included in the bill, rather than solely in the Committee Report, and that the names of Members requesting the earmark will be stated. These two actions will shine some light on a process that has been all-too secretive in the past.
I believe we need to work to achieve a balanced budget as soon as possible. In the 108th Congress, I was a cosponsor of the Balanced Budget Amendment, which is a constitutional amendment requiring Congress to balance the budget. I also strongly support budget process reform and am a cosponsor of The Family Budget Protection Act (H.R. 2290), sponsored by Congressman Jeb Hensarling that would extend the Pay-As-You-Go (PAYGO) spending caps that were in effect from 1980-1992, eliminate baseline budgeting, and create a sunshine process, which would sunset every unearned entitlement and discretionary program. I will continue to support budget process reform that will help restore fiscal discipline.
Now, more than ever, as our nation fights the war on terrorism, we must act wisely, and spend prudently. Fiscal discipline is the hallmark of a free society because it enables individuals to pursue their dreams without the burdensome intrusion of the federal government.
For related websites, please visit the following links:
Office of Management and Budget, The Executive Office of the United States of the President
President Bush’s FY 2005 Budget Congressional Budget Office House Budget Committee
