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Recently, the Office of Management and Budget announced that the deficit is projected to be 30 percent less--127 billion lower--than was expected six months ago. This is good news and a result of sound economic policies and tax relief passed recently in the House. Because of a growing economy, revenue this year is expected to grow by $245 billion, putting us on track to cut the deficit in half by 2008, a year ahead of the President’s schedule. Enacting pro-growth policies is one way we can help lower the deficit, but we must also reduce government spending to make real progress on paying down the deficit.
Earlier this year the House passed a fiscally responsible budget that nearly froze non-security discretionary spending and provided a savings of $6.8 billion in mandatory spending over five years. I originally voted for a budget offered by the Republican Study Committee that balanced the budget by FY 2011 and proposed over $650 billion in savings over five years. Unfortunately this bill failed to garner the support needed to pass in the House.
Another way the House is working to reduce spending is eliminating wasteful, unnecessary and duplicative programs. Last year, the House eliminated 53 unnecessary programs for a savings of $3.5 billion. Building on that record, this year spending bills proposed an elimination of 95 programs for a savings of nearly $4 billion. During this year's appropriations process, liberals have tried to increase spending by more than $45 billion. Over the past four years, if liberals controlled the House, discretionary spending could have increased by at least $106 billion. Also in the spending bills, the House has taken positive steps to reduce "pork projects" or earmarks by members. Overall, spending on Member projects was reduced by $.7.5 billion dollars. This is good progress.
I voted last month for another piece of legislation that will increase transparency and accountability in federal spending and discourage wasteful and unnecessary spending. The Legislative Line Item Veto Act of 2006, which passed in the House, gives the president increased authority to remove unnecessary or wasteful spending items from spending bills. The approved savings will be directed to deficit reduction efforts.
The House has made serious efforts to address the runaway spending that has become a practice in Congress. I will continue to work to pass legislation that will grow our economy, reduce spending and lower the deficit so we don't leave a burden for our children and grandchildren.
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