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Washington, D.C. - The newly minted Director of the Office of Management and Budget, Rob Portman, is already making good on his promises. Before his first day on the job as the executive branch’s chief budget officer, Portman pledged to frequently consult with Congress and intensively seek our input. In just his first week on the job, he tirelessly worked the phones, and held both impromptu and scheduled meetings with House and Senate Members.
Last week, at a meeting in the Capitol, Director Portman talked about our nation’s budget priorities with me and several of my colleagues. We had a fruitful discussion regarding the budget outlook, both short- and long-term, and the impact on the people we represent. Rob explained that his "mission is to make sure hard earned taxpayer dollars are wisely spent and that government programs are more results-oriented and accountable."
The President gave his new Director a clear agenda: pursue a course of continued economic expansion and limit wasteful federal spending.
Since the President’s tax cuts were enacted in 2003, our economy has grown in a very positive way. We have enjoyed 33 consecutive months of job growth totaling more than 5.3 million new jobs. And in the first quarter of 2006 the GDP grew at an annual rate of 5.3%, which is the fastest growth in two and a half years. But, in order to continue this pattern, it’s critical that we maintain a low tax environment and Director Portman will work with Congress to make this happen.
As the economy continues to expand at record rates, so do federal tax revenues. Last year, federal tax receipts grew by $274 billion, which is not only a record but also a 15% increase over the previous year. The increased tax revenues aid the effort to cut the growing federal deficit. This is proof that lower taxes promote economic growth and, in turn, increase federal tax revenue.
The President wants to cut the federal deficit in half by 2009, and one of Director Portman’s new tasks is to ensure our nation remains on that track. This may be the toughest part of his job, because controlling federal spending is a difficult challenge in Washington. But Rob is loaded for bear.
In order to get federal spending under control, Congress needs to further limit discretionary spending - spending that is set by Congressional appropriations each year. I look forward to working with Director Portman in his efforts to reduce spending in the federal budget.
I am also encouraged by his commitment to slowing the rate of growth in entitlement spending. Entitlement spending is set by statutory formula, it represents the largest portion of the federal budget, and it is growing rapidly. Unchanged, entitlement spending will completely consume federal tax revenue in just 30 years, leaving no room for defense, education, or other programs.
We all know Rob Portman is dedicated to promoting pro-growth policies that expand our economy. He is also committed to taking tough stands on budget decisions in order to keep spending under control and reduce the deficit. We are lucky to have such a good man at the helm of our budget.
President Bush gave Rob some very direct instructions: spend every penny wisely or don’t spend it at all. Rob is a very good friend to many of us and he will be an excellent Budget Director.
To better represent you, I need to hear your thoughts and concerns. Please contact me at 8044 Montgomery Road, Room 540, Cincinnati, Ohio, 45236; 175 East Main Street, Batavia, Ohio, 45103; or at 601 Chillicothe Street, Portsmouth, Ohio, 45662. My address in Washington is 238 Cannon House Office Building, Washington, D.C. 20515. Feel free to call 1-800-784-6366.
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