‘We need to cut waste. But we’ll need to do much more to restore fiscal balance’

WASHINGTON, D.C. - U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor Monday regarding the President’s announcement on wasteful government spending:

“The President announced today that he’s directing the members of his Cabinet to cut wasteful government spending. Obviously, I applaud such an effort. But it’s important that we not lose sight of the enormity of our current spending and debt levels, which will only really be addressed through major, bipartisan, politically difficult reforms.

“The Cabinet has been asked to find $100 million in savings in a $4 trillion budget. And any amount of savings is welcome. But according to Congressional Budget Office numbers, that’s about the average amount we’ll spend every single day on interest payments alone on the Stimulus package.

“We need to cut waste. But we’ll need to do much more to restore fiscal balance. Senators Gregg and Conrad have proposed a plan that would force us to get debt and spending under control. It deserves our serious attention.”