Last week I cosponsored an important bill to help rein in out-of-control federal spending. The deficit is estimated to reach $1.84 trillion by September – which is four times the amount of any previous deficit in U.S. history. To put it another way, the federal government will borrow 46 cents for every dollar it spends in the current fiscal year. This is unacceptable.

Although President Obama has stated that “the long-term deficit and debt that we have accumulated is unsustainable,” he and the Democratic majority in Congress continue to advance proposals that would pile on even more government spending instead of taking necessary and reasonable action to restore fiscal sanity. We need to dramatically reduce spending in Washington for the sake of our children and grandchildren.

That is why I have cosponsored H.R. 3140, the REBOUND Act. This legislation would save taxpayers hundreds of billions of dollars. First, it would repeal the spending portion of the President’s “stimulus” package -- legislation that I strongly opposed -- and recall the $460 billion that has yet to be spent. Despite earlier promises from the Administration that this legislation would create jobs, the unemployment rate has already reached 9.5% with the economy shedding nearly two million jobs since its passage.

Additionally, the REBOUND Act would prohibit the Treasury Secretary from obligating further Troubled Asset Relief Program (TARP) funds – saving taxpayers $150 billion -- and require that all repayments of TARP money go exclusively to pay down the debt. The TARP program needs to be brought to an end because we must not allow the government to pick winners and losers in the private financial sector.

While not the only answer, this legislation would be a good step in the direction of fiscal responsibility. I will continue to fight against the current unsustainable wave of government spending and support efforts to reduce our national deficit.

Share your thoughts