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TO: Constituents of Virginia’s Fourth Congressional District
FR: Congressman Randy Forbes
RE: Government Spending: An Issue Brief for Constituents
DR: February 19, 2010
All -
I know many of you are keenly interested in our federal government's fiscal situation. I've prepared this short brief to inform you of the latest actions in Washington, as well as the legislation I have introduced and cosponsored to address our nation's out-of-control spending. Please share this information with other individuals who may be interested.
- Randy
SITUATIONAL OUTLOOK
- The nonpartisan Congressional Budget Office (CBO) Budget and Economic Outlook report released this month states the following:
- This year alone, the federal government will spend $1.349 trillion more than it takes in (fiscal year 2010).
- This is the second largest deficit in history, only being surpassed by the 2009 deficit of $1.414 trillion.
- At 9.2 percent of gross domestic product (GDP), it is also the second largest deficit as a share of the economy since World War II.
- Moody's warned this month that the United States' could stand to lose its gold-standard Triple-A debt rating if government debt continues to rise.
- Every man, woman and child in the United States owes $38,840 as their share of the national debt.
- In 2019, our government will spend more money paying interest on the national debt that we currently spend defending the United States of America.
- In the last year the federal deficit grew to $1.4 trillion—the highest amount in history.
ANALYSIS
Bold action is required to change Washington’s fiscal course. If we do not cut spending and address our nation’s debt, not only will our children and grandchildren be saddled with our burden, our national competitiveness will suffer significantly. We need strong and comprehensive solutions when it comes to addressing Washington’s appetite for spending.
PROPOSED SOLUTIONS
The Tighten Washington’s Belt Act, H.R. 4479
I have introduced the Tighten Washington’s Belt Act, which would cut federal government discretionary spending by 40% over the next five years:
- It would set fixed spending limits that are 10% less than the previous year for all discretionary spending.
- If Congress breaches those spending limits, an automatic across-the-board spending cut from all discretionary programs would be enacted to keep federal spending within its limits.
SAFE Commission Act, H.R. 1557
I've cosponsored this legislation that would establish a Commission to develop legislation that is designed to address the imbalances in entitlement programs and determine necessary revisions to the budget process to create greater emphasis on long-term fiscal responsibility. Congress would be required to vote up or down on the panel's recommendations.
CAP the DEBT Act, H.R. 4262
I have cosponsored this legislation that would mandate a 2/3 roll call vote in both the House and Senate chambers in order to raise the debt ceiling. It would repeal the current Gephardt Rule that allows a debt ceiling increase to be included in budget resolutions without facing a direct vote.
Commission on the Accountability and Review of Federal Agencies (CARFA) Act, H.R. 1802
I have cosponsored this legislation that would establish a bipartisan commission to review federal agencies and programs in an effort to eliminate wasteful spending on duplicative, inefficient or outdated programs.
The Balanced Budget Amendment, H.J. Res 1
I have cosponsored this bill that requires that Congress not spend more than it receives in revenues and requires the President to submit a balanced budget to Congress.
The Congressional Accountability Pay (CAP) Act
I will introduce legislation next week to tie Member of Congress' salaries to the growth in federal spending - the more they spend, the less they make.
I’d like your thoughts on these pieces of legislation. Email me here or read more on the government spending Web page.
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