-- Randy's Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

An SOS to Stop Outrageous Spending

On January 1, 2013, current tax rates will expire and automatic, across-the-board defense cuts will go into effect.  The two events will have a dramatic impact on the U.S. economy, and are being jointly referred to as the “fiscal cliff.” President Obama and Democrats in Congress continue to focus on raising taxes on the top 2% of earners. But I’m concerned that we’re missing a fundamental truth: America does not have a tax problem, we have a spending problem. That is why, earlier today, I announced on my website a week-long initiative to draw attention to this out-of-control, wasteful government spending.

Not only is our debt massive, but it’s growing at an alarming rate. The U.S. currently holds $16 trillion in debt and 2012 marks the fifth consecutive year the country has run a deficit greater than $1 trillion. And the Administration is asking taxpayers for a raise so it can keep spending irresponsibly. 

I hope that by calling attention to this outrageous spending, we can start talking about how to rein it in. I will be highlighting examples throughout the week via Facebook, Twitter, and my website. I encourage you to join in and help turn the conversation into an honest dialogue about wasteful spending that is putting us on an unsustainable fiscal path.

Report Finds Fannie & Freddie Senior Employees Are Paid Over $200,000

Perhaps one of the most egregious examples of wasteful taxpayer spending has been the bailout of Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that have cost the American taxpayers over $150 billion. Now, a report by the inspector general of the Federal Housing Finance Agency (FHFA) studied the pay for 2,000 senior employees at Fannie and Freddie. The study reports that employees at the “vice president” level have median annual salaries between $205,300 and $388,000.

Last year, my subcommittee on the Financial Services Committee found that taxpayers were paying the legal expenses for top executives at Fannie and Freddie in civil lawsuits in which the executives were accused of fraud. As a result of my subcommittee’s investigation into these legal fees, the FHFA made significant changes to increase oversight of Fannie and Freddie’s expenditures and reduce taxpayer waste. Fannie and Freddie should focus on becoming less dependent on the government, rather than using taxpayer dollars to give its employees higher salaries or pay its executives’ legal fees. I will continue to fight wasteful spending, and focus on getting Fannie and Freddie off the government dole and back on its feet.

National Guard Celebrates Its 376th Birthday

This Thursday, the National Guard will celebrate its 376th birthday. Since 1636, the National Guard has played a critical role in the United States’ Armed Forces. Comprised of citizen-soldiers and airmen, the Guard has helped protect communities from natural disasters and provided relief from their aftermath. National Guardsmen deploy to faraway countries to defend American interests abroad. I am proud to know many members of this prestigious group, and continue to pray for them as they devote their lives to helping others and serving their country.

Action Item of the Week

This week, the House Agriculture Committee will hold a hearing to examine some of the new rules on derivatives mandated by the Dodd-Frank Act, and how it will affect U.S. and international markets. I am committed to limiting the impact that the thousands of new rules put out by Dodd-Frank will have on the lives and work of farmers, ranchers and businesses in West Texas.
Visit the House Ag Committee website to learn more.