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CONGRESS MUST REDUCE GOVERNMENT SPENDING
Recently President Obama’s National Commission on Fiscal Responsibility and Reform met for the first time. At that meeting Federal Reserve Chairman Ben Bernanke expressed extreme concern over the effect of out-of-control government spending on the future of our nation’s struggling economy. Bernanke warned that “even after economic and financial conditions have returned to normal, in the absence of further policy actions, the federal budget appears set to remain on an unsustainable path.” This same message was previously delivered by Peter Orszag, the President’s Director of the Office of Management and Budget. When speaking to a group at New York University he said “deficits of this size are serious and ultimately unsustainable.”
The federal budget deficit is projected to exceed $1 trillion for the next two fiscal years and exceed $800 billion annually for at least the next decade. While Chairman Bernanke and Director Orszag are right, their warning is not consistent with their actions. They promoted the government purchase of private businesses and assets in the TARP legislation, wasteful spending in the so-called stimulus bill and a $1.6 trillion shortfall in the budget for next year. We simply cannot continue down this fiscally irresponsible path. It is time Congress takes control of spending instead of letting it control the Congress.
Congressman Goodlatte greets constituents outside the U.S. Capitol Building
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Congressman Goodlatte is committed to controlling government spending. The federal government must work to both eliminate every cent of waste and squeeze every cent of value out of each dollar our citizens entrust to it. We must balance the budget and reduce the deficit and the debt -- not by raising taxes, but by being good stewards of taxpayer money.
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Legislative Agenda for the 112th Congress
