House Republicans are keeping their pledge to Americans to take the steps necessary to rein in the federal spending spree in Washington and reduce our federal debt.
In a speech at the Conservative Political Action Conference this week, Speaker John Boehner outlined House Republican plans to cut $100 billion in discretionary spending next week.
You can watch Speaker Boehner's full speech here.
Federal Reserve Chairman Ben Bernanke has publicly stated twice in the last week the effects of the spending spree in Washington saying, "one of the best things we can do for short-term economic growth is to put out a plan that actually stabilizes our fiscal picture."
House Budget Committee Chairman Paul Ryan (R-WI) outlined the fiscal crisis and what must be done to jumpstart our economy and job creation.
"On the fiscal side, the CBO* projects a $1.5 trillion deficit this year with publicly-held debt rising to 69 percent of GDP by the end of the year - up from 40 percent at the end of 2008. In a few short years, the CBO* projects government spending to drive our debt to crisis levels, overwhelming the entire economy and drowning the next generation in red ink. Endless borrowing is not a strategy. We must restore the foundations of economic growth - low taxes, spending restraint, reasonable regulations, and sound money - to help restart the engines of economic growth and job creation."
We will continue to be involved in this debate as we support our Republicans in their efforts to reduce the federal deficit and jumpstart job creation. Stay tuned!
*Congressional Budget Office