July 1, 2005

Responsibly Managing the People’s Money  

Washington , DC – Congresswoman Deborah Pryce (R-Upper Arlington) today released the following opinion letter:

“When you are in a tight budget climate, you have to make tough financial decisions. Think of those times when, at the end of the month, bills were due and the checking account was thin. Sometimes it meant raiding the refrigerator for dinner rather than ordering a pizza. Other times it was even harder, trying to choose which bills you would pay now and those that would have to be put off until later. Whether you are making $20,000 or $200,000, the same issue of fiscal responsibility applies. You don’t spend more than you make, and if that happens, you have to find ways to cut out things to make up the difference. Congress should be expected to act just as responsibly.

The past few years have been difficult economic times for our country. The attacks of September 11 th, a recession, loss of manufacturing jobs and corporate scandals all contributed. Despite these difficulties, the business of the government goes on, and in fact more demands have been placed on our system. The result: a climbing deficit. But, Congress and the President are committed to bringing our budget back to balance and we are making real progress.

Last week, the House of Representatives finished up its work by passing the final two spending bills for Fiscal Year 2006, meeting a goal we set earlier this year to pass all eleven spending bills before the July 4 th holiday. This is the quickest the House has completed its budget work since 1988. It wasn't easy and we had to make tough decisions, but in the end we were able to hold the line on spending by cutting out wasteful programs and prioritizing. The result is a savings of more than $4.5 billion. We've reigned in discretionary spending and we're on track to spend less than last year, something that hasn't happened since the Reagan Administration. And later this year, for the first time since 1997, we will tackle the mandatory side of spending by considering a reconciliation package. Mandatory spending comprises the bulk of our budget. Reconciliation is the best budget enforcement tool we have to bring revenue and spending levels in line with the policies of the budget resolution. It's also one of the best tools we have to take on the deficit. All in all, the House is leading the way in responsible budgeting by targeting taxpayer dollars wisely to programs that are efficiently and effectively serving the American people. That’s fiscal discipline.   

There’s another way to exert fiscal discipline beyond cutting the budget. It can also be done by properly managing programs. For example, fiscal responsibility is sorely needed in our handling of Social Security. Since 1935, the system has served millions of Americans well, but the program cannot be sustained by its current design. Soon, fewer workers will be supporting more retirees and the system will eventually collapse.  Without responsible reforms, the protection of Social Security will not exist for the next generation. Right now the Social Security trust fund is not being used to guarantee future benefits. It's being used to fund government spending. That’s not being fiscally responsible. It is flat wrong and it’s time to stop the raid on Social Security. This first step won’t save the system, but it heads us in the right direction, and we should take it.

Fiscal responsibility requires discipline, long-term vision and the willingness to say ‘no.’ American families do it all the time, sitting at the kitchen table at the end of the month prioritizing their debts. As your Congresswoman I will continue to work to fund our nation’s priorities while protecting the financial security of future generations.”