Click here for audio: http://gopleader.gov/UploadedFiles/JAB_Budget_Presser.mp3
Note: News Conference Begins At Approximately 6:07
WASHINGTON, DC — Congressman Jeb Hensarling (TX-05), the 2nd ranking Republican on the House Budget Committee and one of three House Republicans appointed to the National Commission on Fiscal Responsibility and Reform, today made the following statement at a press conference hosted by House GOP Leader John Boehner:
“Never have so few voted so fast to indebt so many. As Leader Boehner just pointed out, it was reported that national debt has now hit $13 trillion. That is an increase of 50 %, almost 50%, since the Democrats took control of Congress. And we all know it is on its way to tripling in this decade. Such a national debt is unprecedented, unfathomable, unworkable, and unconscionable.”
“As a member of the President’s Fiscal Responsibility Commission, which many consider to be an oxymoron, we heard testimony yesterday that when your gross national debt equals 90% of GDP the needle is reaching the danger zone on economic growth. Under Democrat leadership in America today the gross national debt has hit the dreaded 90% level. The Democrat response, “Yes, we have no budget”, yet again no budget. If you don’t mind borrowing 43 cents on the dollar from the Chinese, sending the bill to our children and grandchildren I suppose you don’t need a budget. If you don’t even want a speed bump on the way to national bankruptcy I suppose you don’t need a budget. If you don’t want to limit your spending, I suppose you don’t need a budget.”
“We must cut spending now, under the leadership of the ranking budget member, Paul Ryan, who unfortunately cannot be here today, Republicans are proposing to do just that. Specifically, and you can find this on our website, along with Ranking Member Ryan, we have laid out a series of cuts offered as specific legislation, specific legislation to cut spending now and spur job creation in our economy.”
“Number one, we would be putting an end to crony capitalism that is represented by the revolving TARP slush fund which could save $16 billion. Cutting and capping spending, the unspent stimulus spending, bringing our spending levels back down from their recent explosion. Under President Obama, non-defense discretionary spending has ballooned 23% and that is excluding the stimulus funds that could save almost a trillion dollars. Reversing the growth of the government bureaucracy, freezing government pay, we know that under President Obama as we continue to be mired in almost double digit unemployment, the highest in a generation, somehow the federal payrolls have increased 15%. That idea right there could save $35 billion. Cancel the remaining stimulus funds $266 million, Republicans are leading putting forth legislation because we believe in saving the next generation from bankruptcy and that is why we are supporting this program of ‘Cut Spending Now’.”
###