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Congressman Tom Cole

Representing the 4th District of Oklahoma

Economy

I have consistently supported legislation and policies to get the nation’s long-term fiscal house in order by balancing the budget and reforming entitlements, so we can eventually pay down our debt.

Budget and Spending

Since 2008, our national debt has increased by more than $9 trillion. Under Democratic control, the United States ran $1 trillion dollar deficits for four consecutive years. After Republicans won back control of the U.S. House of Representatives, the nation’s deficits have shrunk dramatically, to $534 billion in fiscal year 2016. While the deficit is still far too high, the progress made is the direct result of conservative efforts to reign in out-of-control spending, even in divided government.  

As a member of the House Budget Committee, I have consistently supported legislation to get our long-term fiscal house in order by balancing the budget and eventually pay down our debt. I support the aims of the Budget Control Act, which I hoped would lead to a solution to our long-term entitlement problems. Of the more than $3.7 trillion in spending done by the federal government, about one third is spent on discretionary programs (those that Congress and the president control on an annual basis). But unless we take on the complicated task of reforming the other two thirds of government designated as mandatory spending (mostly entitlement programs), America will eventually go bankrupt. 

Long-Term Reforms

The country’s major entitlement programs (Medicare, Medicaid and Social Security) are the most significant drivers of our debt. In fiscal year 2012, all entitlements comprised more than 60 percent of federal spending. According to the Boards of Trustees for Social Security and Medicare, both are due to become insolvent within the next 25 years if no changes are made. Every year that we delay addressing the issue, the solutions become more expensive and more painful, and continue to put our children and grandchildren even deeper in debt.

That’s why I have supported legislation that would put us back on a path toward fiscal balance by making changes to Medicare for those 54 and younger, while protecting those who have planned their retirements around the system in place. Under this kind of plan, those 54 and younger will have the option of keeping traditional Medicare or moving into a program modeled after Medicare Part D (one of the only government programs to ever come in under budget by 40 percent). If Congress acts now, making smaller changes to critical safety-net programs will prevent worse cuts to current beneficiaries. 

More on Economy

January 10, 2017 Press Release
Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after he was named Chairman of the Appropriations Subcommittee on Labor, Health and Human Services, Education and Related Agencies. Cole served as the Chairman of the subcommittee during the 114th Congress.
 
December 20, 2016 Weekly Columns

When the 114th Congress began its session in January of 2015, many Americans had concerns about the direction of our nation, and the job approval of their Congressional leaders was appropriately low. After so many years of onerous executive overreach, House Republicans faced many challenges in the fight to block President Obama’s liberal agenda. There were many times that House Republicans have come close to making common sense conservative progress, only to be shot down by the president’s veto pen.

December 13, 2016 Weekly Columns
In Article I, section 7, clause 1 of the United States Constitution, our Founding Fathers laid out the framework for the Congressional “Power of the Purse.” Congress has the fundamental responsibility for raising revenue and appropriating spending. It has done so for more than two centuries, but the job has become more complicated than need be in recent decades. Over the past several years, passing a budget and funding the government has grown more difficult, and has even resulted in government shutdowns.
December 8, 2016 Press Release
Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after the passage of the short-term Further Continuing and Security Assistance Appropriations Act, 2017 (Continuing Resolution), H.R. 2028, which passed by a vote of 326-96 . This legislation prevents a government shutdown and will continue funding federal programs and agencies until April 28, 2017.
 
November 28, 2016 Weekly Columns
As the 114th session of Congress begins to come to a close, many people – myself included - lament the time between now and the end of the year, also known as a “lame duck” session. Some believe that nothing should done until the new Congress and new President are sworn into office.
October 31, 2016 Weekly Columns
In a little more than six weeks, a new labor rule governing overtime pay for salaried workers is set to take effect.  Like many of his economic policies, this is another example of the President’s fundamental lack of understanding of the free market and the job killing aspects of overbearing federal regulations.  While he may think this new rule will result in a higher take home pay for middle class workers, it is more likely to force many workers to “punch a clock” and lose the flexibility that a salary provides.
 
October 3, 2016 Weekly Columns
Every American should have the opportunity to pursue and achieve the American Dream. One of the most basic foundations of opportunity is American enterprise and the ability for citizens to enter the workforce. Our economy has seen its ups and downs throughout our history. But since this Administration took office, the economy has seen more bad than good.
 
September 28, 2016 Press Release
Washington, D.C. – Congressman Tom Cole (OK-04), a member of the House Appropriations Committee, released the following statement after the U.S. House of Representatives passed a short-term continuing resolution that funds the government until December 9, 2016 and prevents a government shutdown.
September 5, 2016 Weekly Columns

It’s been a great month in the Fourth District, and I enjoyed updating everyone with the work we’re doing in DC. And now it’s time to continue our work and get back to some unfinished business. As the Members of Congress descend back to Washington, we’re aware that there are things we’ve got to do, and there’s no time to waste in completing our tasks. From battling Zika to funding the government, everyone on both sides of the aisle have got some things to prioritize.

 

July 25, 2016 Weekly Columns
One of the greatest aspirations we have in this nation is the concept of the “American Dream”. The idea that any person, regardless of race, ethnicity, gender or religion can achieve prosperity, happiness and success has always been a bedrock principle of our national experience. Achieving the American Dream generally relies upon individual initiative, so the best way the government can assist in the pursuit is to get out of the way.
 

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