House of Representatives
Mr. Chairman, I rise today in support of the Republican Study Committee Budget Substitute. Former President Reagan said it best when he said, ``government does nothing as well or as economically as the private sector.'' These are trying…
Mr. Chairman, I rise today in support of the Republican Study Committee Budget Substitute. Former President Reagan said it best when he said, ``government does nothing as well or as economically as the private sector.'' These are trying times and our Nation faces serious challenges in the coming months. With that in mind, it is irresponsible to fund projects that deter or deviate from the original intent of government. Instead, we must plan ahead and put forth our best effort to return to a balanced budget.
The RSC Budget includes all of President Bush's economic growth package, tax fairness proposals and balances the budget in 4 years. Four years. With the decreases in capital gains taxes, we will create over 1 million new jobs. There is no better time to return hard-earned money back to the American people. And I have no doubt that any effort to remain fiscally responsible will help boost economic growth.
In 1950, we were paying 2 percent of our money to the government. Today, that figure has skyrocketed to 30 percent. A 28 percent increase. In 2001, the Federal Government made $20 billion in overpayments. Not to mention that it cannot account for another $17.3 billion. Should not the American people be permitted to spend their money as they choose? How can we expect the people of this country to tighten their belt, when we cannot impose strict fiscal discipline on ourselves?
The RSC Budget includes a reserve fund for Social Security reform. Under the current system, nearly $6 trillion would be needed just to repay the trust fund. According to the Social Security Administration, it will take only about $7 trillion to fix the system permanently. Our baby boomers deserve a secure retirement. They paid for it.
This budget retains the President's defense spending numbers and the President's funding levels for homeland security--crucial now, when our courageous military heroes are depending on our support.
It is time to return to an era of economic prosperity. Time to put an end to reckless Federal spending. Men and women in our military are sacrificing their lives for our country. We have the power to do the same in Congress by making our own sacrifices to cut back on wasteful spending and balance the budget. There is no more appropriate time to do so than now. Having said that, I commend Mr. Toomey for introducing the best budget that he possibly could at this historic time in our Nation's history.