Spending Cuts and Debt
Free markets, economic mobility, and equal opportunity are the drivers of innovation, entrepreneurship, and capital formation. Every piece of legislation should consider the impact on these drivers.
Our national debt is at a record high of $16.7 trillion and Congress continues to spend out-of-control. American Treasury Securities have lost their AAA rating, which would normally place upward pressure on interest rates and exacerbate our national deficit. Instead, the Federal Reserve continues to print money and purchase Treasury Securities to artificially bring their value up and corresponding interest rates down. This increase in money supply weakens the value of the U.S. Dollar, making the United States an unattractive place to invest money, start a business or grow a corporation. Joblessness is the result. This cycle will only stop when the U.S Congress stops spending.
These are the principles that will return America to economic greatness:
- Low taxes
- Fiscal constraint
- Low regulation
- Sound monetary policy
- Tort reform
- Fair trade
In order to establish sound monetary policy, the Fed must focus singularly on price stability. When the Fed attempts to use the money supply to create full employment or increase economic output, it weakens the dollar, creates inflation, causes bubbles, and intensifies the business cycle. The financial crisis of 2008 was not caused by "unfettered free markets." It was caused by government intervention in markets through manipulation of interest rates and money supply. I would support repealing the Humphrey-Hawkins Act of 1978.
For more information concerning my work and views on Spending Cuts and Debt, please contact me.
More on Spending Cuts and Debt
The House of Representatives passed a Continuing Resolution (CR) today with an amendment to authorize the President’s plan to arm Syrian rebels to oppose ISIS. Congressman Jim Bridenstine voted NO on both.
The FY 2015 Republican Budget – the so-called Ryan Budget – is a political philosophy document that outlines a Republican vision of governing. While I do not agree with everything in the Ryan Budget, I will vote for it because I agree with the following policy objectives: First, it balances in 10 years. Second, it restores funding to the military. Third, it seeks to reverse regulatory excesses that have impeded economic recovery. Fourth, it makes tough decisions to reform some major entitlement programs that have created an unsustainable trajectory for national debt.
(WASHINGTON, D.C.) – U.S. Senators Tom Coburn (R-OK) and Claire McCaskill (D-MO) and U.S. Representatives Jim Bridenstine (R-OK) and Henry Cuellar (D-TX) today introduced the Let Me Google That For You Act, a bill to eliminate an outdated agency that has lost more than $1 million trying to sell government reports that are available for free online. With a money-losing profit model only the government could design, the National Technical Information Service (NTIS) sells free government reports to other federal agencies and the public – at a loss.
Congressman Bridenstine commented on his vote against the Ryan-Murray budget deal:
The so-called Farm Bill was voted down in the US House of Representatives this week. Congressman Jim Bridenstine was among the 234 voting “No” in a bi-partisan majority.
The Farm Bill wrapped agriculture subsidies and the food stamp program into one piece of legislation. Congressman Bridenstine observed, “Both the agriculture program and food stamps need major reform. The two programs must be separated to accomplish real reform. Many people don’t realize that over 70% of the spending in the bill went to food stamps.”
The US government has a spending problem. The nation is over $16 trillion in debt. Federal spending must be brought under control to reduce the deficit, reduce the size of the government, and move toward a balanced budget. The Obama Administration and the Democrat-controlled Senate are committed to higher taxes, higher spending, and the government taking an ever-higher share of the US economy. This has got to stop. The House Republican majority are the ones who can stop it.
Oklahoma's freshman Republican District 1 Congressman Jim Bridenstine sat down with the staff of the Tulsa Business & Legal News for a Q & A session on Wednesday in which he discussed ongoing efforts in Washington on issues affecting the business climate of Tulsa and the state. Specifically, he weighed in on Obamacare, banking regulations, immigration reform, and the monetary system.
What's the most significant issue affecting the local and regional business climate of Tulsa?
Oklahoma Congressman Jim Bridenstine voted for fiscal responsibility in voting against the Supporting Knowledge and Investing in Lifelong Skills Act (SKILLS Act) today. HR 803 seeks to consolidate numerous job training programs, although the CBO projects that spending will actually increase.
Congressman Jim Bridenstine: “U.S. Senators Ted Cruz and Marco Rubio are carrying the ball in the Senate to include an amendment to de-fund Obamacare in the Continuing Resolution. I appealed to the House Rules Committee to allow consideration of my amendment to de-fund Obamacare as part of the CR in the House, but they denied the opportunity. Now the CR is moving on to consideration by the Senate. Senator Cruz plans to introduce a similar amendment in the Senate. I want to support Senator Cruz’s effort in every way possible.
Congressman Jim Bridenstine: “U.S. Senators Ted Cruz and Marco Rubio are carrying the ball in the Senate to include an amendment to de-fund Obamacare in the Continuing Resolution. I appealed to the House Rules Committee to allow consideration of my amendment to de-fund Obamacare as part of the CR in the House, but they denied the opportunity. Now the CR is moving on to consideration by the Senate. Senator Cruz plans to introduce a similar amendment in the Senate. I want to support Senator Cruz’s effort in every way possible.