| RUSS CARNAHAN URGES HOUSE COLLEAGUES TO SUPPORT "PAYGO" DEFICIT REDUCTION MEASURE |
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Thursday, February 04, 2010
Jim Hubbard, (202) 225-2671
Sara Howard, (314) 962-1523
Carnahan: ‘Without restoring fiscal responsibility our economy can't fully recover.'
(WASHINGTON) - Congressman Russ Carnahan (MO-3), an original co-sponsor of ‘Pay-As-You-Go' (PAYGO) legislation, today urged members of the U.S. House of Representatives to re-establish this fiscal responsibility policy, calling it a critical step to restoring our nation's economy. ‘Pay-As-You-Go' would require all new policies that reduce revenue or expand spending to be fully paid for over five and ten years, restoring a policy that helped turn de Save ficits into massive surpluses during the 1990s, until the Republican-led Congress allowed the rules to expire in 2002.
"Without restoring fiscal responsibility, our economy can't fully recover," said Congressman Carnahan. "The large deficits we inherited as a result of reckless borrow-and-spend policies of the last administration have put pressure on funding for important priorities such as job creation. We are long overdue to reestablish tough common-sense action to restore fiscal responsibility."
In 2001, President Clinton left office with a projected 10-year surplus of $5.6 trillion; when President Bush left office in 2009, a series of unfunded policies passed without the restrictions of PAYGO - including a massive tax cut for the wealthiest Americans and the cost of two wars that were funded outside of the budget process - resulted in projected deficits of over $11 trillion.
"We've had to make some tough decisions to pull our economy back from the brink of collapse in the past year," Carnahan said. "Now, it's time to restore discipline to the budget so that we don't pass this debt on to future generations."
PAYGO will force a serious examination of wasteful subsidies in the budget and tax loopholes that can be eliminated to offset more worthwhile programs as well as force advocates of tax cuts to acknowledge the costs and show how they would pay for them. The legislation also requires the Comptroller General of the Government Accountability Office to conduct routine investigations to identify programs, agencies, offices, and initiatives with duplicative goals and activities within government-wide departments and to report annually to Congress on the findings with recommendations for savings.
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| RUSS CARNAHAN URGES HOUSE COLLEAGUES TO SUPPORT "PAYGO" DEFICIT REDUCTION MEASURE |
|
|
Thursday, February 04, 2010
Jim Hubbard, (202) 225-2671
Sara Howard, (314) 962-1523
Carnahan: ‘Without restoring fiscal responsibility our economy can't fully recover.'
(WASHINGTON) - Congressman Russ Carnahan (MO-3), an original co-sponsor of ‘Pay-As-You-Go' (PAYGO) legislation, today urged members of the U.S. House of Representatives to re-establish this fiscal responsibility policy, calling it a critical step to restoring our nation's economy. ‘Pay-As-You-Go' would require all new policies that reduce revenue or expand spending to be fully paid for over five and ten years, restoring a policy that helped turn de Save ficits into massive surpluses during the 1990s, until the Republican-led Congress allowed the rules to expire in 2002.
"Without restoring fiscal responsibility, our economy can't fully recover," said Congressman Carnahan. "The large deficits we inherited as a result of reckless borrow-and-spend policies of the last administration have put pressure on funding for important priorities such as job creation. We are long overdue to reestablish tough common-sense action to restore fiscal responsibility."
In 2001, President Clinton left office with a projected 10-year surplus of $5.6 trillion; when President Bush left office in 2009, a series of unfunded policies passed without the restrictions of PAYGO - including a massive tax cut for the wealthiest Americans and the cost of two wars that were funded outside of the budget process - resulted in projected deficits of over $11 trillion.
"We've had to make some tough decisions to pull our economy back from the brink of collapse in the past year," Carnahan said. "Now, it's time to restore discipline to the budget so that we don't pass this debt on to future generations."
PAYGO will force a serious examination of wasteful subsidies in the budget and tax loopholes that can be eliminated to offset more worthwhile programs as well as force advocates of tax cuts to acknowledge the costs and show how they would pay for them. The legislation also requires the Comptroller General of the Government Accountability Office to conduct routine investigations to identify programs, agencies, offices, and initiatives with duplicative goals and activities within government-wide departments and to report annually to Congress on the findings with recommendations for savings.
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RUSS CARNAHAN URGES HOUSE COLLEAGUES
TO SUPPORT "PAYGO" DEFICIT REDUCTION MEASURE
Thursday, February 04, 2010
Jim Hubbard, (202) 225-2671
Sara Howard, (314) 962-1523
Carnahan: ‘Without restoring fiscal responsibility our economy can't fully recover.'
(WASHINGTON) - Congressman Russ Carnahan (MO-3), an original co-sponsor of ‘Pay-As-You-Go' (PAYGO) legislation, today urged members of the U.S. House of Representatives to re-establish this fiscal responsibility policy, calling it a critical step to restoring our nation's economy. ‘Pay-As-You-Go' would require all new policies that reduce revenue or expand spending to be fully paid for over five and ten years, restoring a policy that helped turn de Save ficits into massive surpluses during the 1990s, until the Republican-led Congress allowed the rules to expire in 2002.
"Without restoring fiscal responsibility, our economy can't fully recover," said Congressman Carnahan. "The large deficits we inherited as a result of reckless borrow-and-spend policies of the last administration have put pressure on funding for important priorities such as job creation. We are long overdue to reestablish tough common-sense action to restore fiscal responsibility."
In 2001, President Clinton left office with a projected 10-year surplus of $5.6 trillion; when President Bush left office in 2009, a series of unfunded policies passed without the restrictions of PAYGO - including a massive tax cut for the wealthiest Americans and the cost of two wars that were funded outside of the budget process - resulted in projected deficits of over $11 trillion.
"We've had to make some tough decisions to pull our economy back from the brink of collapse in the past year," Carnahan said. "Now, it's time to restore discipline to the budget so that we don't pass this debt on to future generations."
PAYGO will force a serious examination of wasteful subsidies in the budget and tax loopholes that can be eliminated to offset more worthwhile programs as well as force advocates of tax cuts to acknowledge the costs and show how they would pay for them. The legislation also requires the Comptroller General of the Government Accountability Office to conduct routine investigations to identify programs, agencies, offices, and initiatives with duplicative goals and activities within government-wide departments and to report annually to Congress on the findings with recommendations for savings