Carson: Fiscal Responsibility is Critical to Long-Term Economic Stability
July 22, 2009
July 22, 2009
Washington, D.C. – Today, Congressman André Carson issued the following statement after the House passed the Statutory Pay-As-You-Go Act, which will reduce our national debt and increase fiscal discipline by codifying "pay-as-you-go" spending rules into law:
"Reducing our national debt and achieving long-term economic stability has been among my top priorities since being elected to Congress last year. That's why I was proud this afternoon to offer my support for legislation that will put our nation back on a track of fiscal responsibility—a track we strayed from during eight years of reckless deficit spending under the Bush Administration.
"This bill returns us to the fiscally prudent ways of the 1990s, when PAYGO helped turn massive deficits into record surpluses. Unfortunately, the previous PAYGO law was allowed to expire under the Republican-controlled Congress in 2002, which contributed to the dramatic turnaround from a projected surplus of $5.6 trillion to projected deficits of $4.5 trillion.
"By legally requiring Congress to follow pay-as-you-go budget guidelines, we are finally returning to the basic rule of every family budget—you don't spend money you don't have. Statutory PAYGO is a crucial step to restore fiscal discipline, force the tough choices on taxes and spending, and begin cutting the deep deficits that face our nation. Without reducing the deficit, we won't be able to invest in vital priorities, including health care, education, and clean energy—all critical to our economic future.
"After passing a budget earlier this year that cuts the deficit by two-thirds in four years, this vote today is another vital step to getting our federal fiscal house in order, which is what American people demand and deserve. As this bill works its way through the Senate and to the President's desk, I look forward to working with my House colleagues to further cut spending and promote discipline in budgeting. Our future economic viability depends on it."
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