Require Presidential Leadership And No Deficit Act
Madam Chair, I rise today to support H.R. 444, the Require a PLAN Act. It is perfectly appropriate for the President to present a budget that balances within 10 years. If he does not, this bill would require him to tell us when his budget…
Madam Chair, I rise today to support H.R. 444, the Require a PLAN Act.
It is perfectly appropriate for the President to present a budget that balances within 10 years. If he does not, this bill would require him to tell us when his budget might balance. Trillion-dollar deficits for the foreseeable future are harming seniors, the poor, and middle- income families who are struggling to make ends meet. Here is how:
Our deficits are financed by Treasury bonds, most of which are being purchased by the Fed with newly created money. This drives up the price of bonds and keeps interest rates artificially low. Seniors on fixed incomes, who have saved their whole lives, now cannot make a fair interest on their savings. In addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices, which has a disproportionate adverse effect on the seniors, on the poor, and on middle-income families.
Creating money out of thin air to fund the President's spending must stop. The first step is to stop the reckless spending by having the President present a plan to balance the budget. This is a simple request with no reasonable excuse for opposition. I support H.R. 444, the Require a PLAN Act, to protect our seniors, the poor, and middle- income families.