Tag: DC Spending Problem

Repeatedly raising the debt ceiling, offers a glimpse into the very real and very sad state of our nation’s finances.

Garrett Statement on Debt Ceiling Vote
Feb 12, 2014

Washington, DC – Rep. Scott Garrett (R-NJ), a senior member of the House Budget Committee and Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement after voting against raising the debt ceiling on Tuesday night:

“Repeatedly raising the debt ceiling, as if it’s just a tedious task that must be dealt with, offers a glimpse into the very real and very sad state of our nation’s finances.  While this bill has been heralded as a ‘no strings attached’ debt limit increase, the reality is there are strings attached and they’re directly attached to our children and grandchildren’s future.

“Politically, it is much easier to avoid the trillion dollar elephant in the room. But the cycle of borrowing and spending and borrowing more cannot continue indefinitely.  The longer it goes on, the worse the problem will get, and the harder it will be to solve.  It would be better to solve the problem now by cutting spending and adopting a plan to balance the budget in the near future with specific, achievable goals.  Sadly, the political will to do so does not abide in this Congress.”

Garrett: CBO Report Highlights Need to Tackle Our Spending Problem Now
Feb 4, 2014

Washington, DC – Rep. Scott Garrett (R-NJ), senior member of the House Budget Committee and Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement regarding the Congressional Budget Office’s (CBO) Budget and Economic Outlook for 2014-2024:

“Today’s CBO report again highlights America’s very serious financial problems.  Despite President Obama’s big talk about tackling our deficit last week, CBO estimates that our deficit will once again top $1 trillion within eight years.  Over the next ten years, interest costs alone will be $5.8 trillion—the third largest expense in the federal budget.  And, by 2021, ObamaCare will cause a ‘reduction in full-time-equivalent employment of about 2.3 million.’

“Though we are racing against time, if Washington takes swift action to cut spending, reform our entitlement programs, and overhaul our broken tax code, we can save our children from a future rife with debt and devoid of opportunity.  With a healthy dose of courage from elected leaders, we can get America moving on the right track again.”

To read the full report: https://cbo.gov/publication/45010.