Congressman Tom Price (R-GA) issued the following statement after House Democrats chose at the last minute to cancel a vote on H.R. 5116, the America COMPETES Reauthorization Act of 2010. This bill would authorize $85 billion for new and existing science, technology, engineering, and mathematics (STEM) programs run by the National Science Foundation, National Institute of Standards and Technology, and the Department of Energy. House Republicans successfully amended the bill to eliminate costly new programs and freeze funding at current levels until Congress has established a balanced budget.

“American taxpayers scored a meaningful victory today led by House Republicans who acted successfully to stop massive increases in government spending,” said Congressman Price. “While I appreciate the need to invest in science and technology, the steep price tag of this legislation comes at a time when our nation has amassed unprecedented deficits that are threatening our short-term and long-term economic vitality. Had Republicans not acted to protect taxpayers, this bill would have pledged over $80 billion toward a fractured network of existing and new programs.

“Investment in science and technology is one tool to help make our country competitive, but it should not come at the expense of the immediate need to rebuild our nation’s fiscal house. We need to first and foremost invest time and energy into breaking down barriers to economic growth and end the tax hikes, costly mandates, and rampant spending that threatens American job creators.”