WILL REDUCE DEFICIT EACH YEAR UNTIL PRODUCING BALANCED BUDGET IN SIX YEARS

Washington, Jun 10, 2010 - “A recent report from the U.S. Treasury Department projects that our national debt will reach $19.6 trillion by 2015 and the existing debt is over $13 trillion today,” stated Rep. Cliff Stearns (R-Sixth). “This excessive spending and borrowing is accumulating an unmanageable debt that will collapse the economy under its enormous weight. Yesterday, the Chairman of the Federal Reserve, Ben Bernanke, testified that restraining federal spending was necessary to prevent this recession from becoming a depression and advocated ‘a strong commitment to fiscal responsibility in the longer run.’"

Added Stearns, “The SAFE Act addresses this crisis in federal spending and borrowing at the same time that the Democrats in the House have failed to even bring up a budget. This will be the first time since adoption of the Budget Act of 1974 that we have not had a budget proposal in Congress. This is a missed opportunity to address the massive debt we are giving our children. Every family knows how important it is to have a budget in difficult times – Congress should have one as well.”

Stearns has joined in offering H.R. 5323, the Saving America’s Future Economy (SAFE) Act, which limits annual increases in federal spending to the sum percentage increase in population growth and inflation. Explained Stearns, “Under the SAFE Act, if inflation is 2 percent and the population growth is one percent, then federal spending would be limited to a three-percent increase. The President’s current budget proposal would increase spending by nearly six percent. By approving this legislation and its budget cap, Congress can restrain the growth of spending and reduce federal borrowing each year until the budget is balanced.”

It is estimated that the SAFE Act would bring about a balanced budget in six years, while allowing the federal government to meet its obligations to seniors, veterans, and national defense.

“Next week will mark two months since April 15th, the target dated set by law for Congress to adopt a final budget resolution,” continued Stearns. “Yet, we are naming post offices; in fact, the President just signed 13 bills, 11 of them naming post offices. Part of our economic recovery depends on controlling government spending, which means more jobs.”