Congressman Tom Reed today announced that he has become a co-sponsor of HR 6403, The American Recovery and Reinvestment Rescission Act, which will rescind all remaining unobligated stimulus dollars.

“Passage of this bill would mean that $12 billion in unobligated stimulus funds would not have to be borrowed and spent,” Reed said.  “That’s $12 billion less borrowed on the backs of our children and grandchildren. Let’s not borrow additional money for a misnamed stimulus program which is failing.”

“One of our prime missions here in Washington is to get the government’s financial house in order,” Reed continued. “In light of a $1.3 trillion budget deficit and almost $14 trillion in debt, $12 billion is just a drop in the bucket.  However, this legislation is a first step toward changing the borrow and spend mentality in Congress and I gladly lend my name to it. This is why the voters sent us to Washington.”

The bill is currently in committee.