Congressman Zach Wamp, Third District of Tennessee, Link to Home Page
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We Must Reduce the Federal Deficit and Reform Earmarks
 
January 26, 2007

Congress must exert more fiscal discipline and work to decrease the federal deficit. Our current debt level is unacceptable.  I came to Washington twelve years ago to reduce the size and scope of the federal government. 

 

Title IV in the House Rules Package passed the House on January 5 by a vote of 280-152.  This fiscal responsibility provision included earmark and spending reform that was also packaged with a "pay as you go" (PAYGO) provision.  Under this new provision, the House will be required to pay for any tax cut legislation by offsetting with tax increases or cutting spending elsewhere. While this sounds good, it will force a tax increase on any tax cut we pass, which will subsequently end all tax relief.  As is the case with so much political posturing, the sound bite is good but the "devil is in the details."

 

Tax relief has worked.  The unemployment rate is down to 5.0% and the growth of our Gross Domestic Product has surpassed 3% for ten consecutive quarters.   The current tax rates also increased federal revenue by fifteen percent in the last year, so this policy is responsible, not "irresponsible."  The fact is, millions of Americans would have faced higher tax bills had Congress not acted.

 

But we must also exert more fiscal discipline to decrease the deficit.  Our current debt level is simply unacceptable.  We must hold the line and slow the growth of federal spending while increasing revenues, getting us back to a balanced budget over time.  This is the responsible approach.

 
 

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