May 2, 2013
According to the Congressional Budget Office (CBO) Monthly Budget Review that was released in April, the federal government ran a budget deficit of $601 billion in the first half of fiscal year 2013. CBO estimates that is $178 billion less than the loss recorded for the same time last year. Revenues are up 12% in the first half of 2013, with a 4-1 ratio of revenue to spending. This clearly illustrates that Washington does not have a revenue problem. Washington has a spending problem.
Our nation’s debt is $16.6 trillion. Deficits are at record levels, despite the fact that revenues have reached a record estimate of $2.7 trillion this year. The government is wasting billions of dollars on unnecessary government programs, creating a massive spending problem. We have plenty of revenue.
Along with my Republican colleagues in the House, I have been voting throughout my time in Washington in favor of legislation that would cut our spending. In August, I voted for the Red Tape Reduction and Small Business Job Creation Act, which would decrease the Administration’s ability to place harmful regulations on America’s small businesses. In January, I voted for the ‘No Budget, No Pay’ Act, which would hold lawmakers in Washington accountable for failing to enact a responsible budget for Americans’ hard-earned tax dollars. In March, I voted for the GOP budget, which laid out a detailed approach to responsible cuts that will lead to a balanced budget and more American jobs, without raising taxes on hardworking American families.
Unfortunately, our efforts have been met with silence by the Democrat-led Senate and White House.
Government spending has increased by $800 billion in only two years under this Administration. The number one problem is spending at the federal level. We need regulatory reform. There is so much red tape that is squandering away our jobs and strangling our small businesses.
We cannot spend and borrow our way toward prosperity. We must cut deficit spending and government costs, while eliminating the burdensome red tape that is strangling our economy and job creators.