Posted by
Randy
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November 09, 2012
As the end of the year approaches, so does the “fiscal cliff”: expiration of the Bush tax cuts and automatic spending cuts of $1.2 trillion known as sequestration are scheduled to take place.
The Congressional Budget Office (CBO) released a report today: Economic Effects of Policies Contributing to Fiscal Tightening in 2013, estimating that significant tax increases and spending cuts scheduled to take effect in January will sharply reduce the federal budget deficit, but also cause “a decline in the nation’s economic output and an increase in unemployment. “ Essentially, the fiscal cliff could drive the U.S. economy back into recession next year and result in a jump in the jobless rate to 9.1% by the end of 2013. Question of the week: Which “Fiscal Cliff” issues are you most concerned about? (multi-answer) ( ) Rising income tax rates to 15, 28, 31, 36 and 39.6% from 10, 15, 25, 28, 33 and 35% ( ) Capital Gains rate rises from 15 to 20% for most people ( ) Automatic spending cuts to defense budget of $55 billion in 2013 ( ) Reduction in the child tax credit from $1,000 per child under 17, to $500 per child under 17 ( ) Automatic spending cuts of $55 billion to non-defense discretionary spending in 2013 ( ) I am not concerned. These are all appropriate tax increases and spending cuts. ( ) Other (share your thoughts on my blog here.) Take the poll here.
Posted by
Randy
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June 14, 2012
The nonpartisan Congressional Budget Office (CBO) warned last week that U.S. debt is scheduled to reach 70% of the Gross Domestic Product by the end of the year and grow to nearly twice the size of the U.S. economy by 2037.
The CBO report says, “Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945. Consequently, the amount of federal debt held by the public has surged. By the end of this year, CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II. Whether that debt will continue to grow in coming decades will be affected by long-term demographic trends (particularly the aging of the population), economic developments, and policymakers’ decisions about taxes and spending.” To read the full report, click here. Read the Wall Street Journal’s article here: Dire CBO Report Urges Fiscal Fixes. Question of the Week: To avoid a European-like fiscal crisis, which of these measures do you support to stop our exploding debt? ( ) Reforming Medicare and Social Security entitlement programs ( ) Allowing Bush-era tax cuts to expire ( ) Enact other tax increases? ( ) Government spending cuts (Share your recommended spending cuts below) ( ) Other (share your thoughts below) Take the poll here. Find the results of last week’s instaPoll here.
Posted by
Randy
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April 03, 2012
This chart compiled by the Republican Study Committee using data from the U.S. Treasury provides a look at total debt owed to foreign countries. (Note that these amounts refer to foreign holders of U.S. debt. For a look at a breakdown of total debt held by the public, click here).
After decades of overspending, we owe trillions of dollars to foreign countries. Instead of a future of debt, doubt and decline, it’s time for real solutions. Here’s my plan of action to address government spending.
Also -
Posted by
Randy
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April 02, 2012
My office has compiled a detailed memo on jobs in Virginia's Fourth Congressional District. I thought you would be interested in reading it.
There is a simple truth when it comes to job creation in America: real solutions create real growth that generates real jobs. In order to make this happen, government needs to get out of the way and provide the freedom for small businesses to work, earn, and achieve. All across Virginia’s Fourth District, we have industries that are ripe for growth. The memo provides examples of how industries in Virginia have flourished when we’ve applied that simple truth. The case studies also show the potential for even more growth when government acts as an enabler rather than a barrier. You can download the memo here or by clicking the photo below. You can also view a text version on my website here.
Posted by
Randy
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March 29, 2012
This week, the House of Representatives approved – with my support – the Senate amendment to the Jumpstart Our Business Startups (JOBS) Act. (You can read about the House-passed version here). The JOBS Act is a bipartisan bill that will help remove barriers to job growth, jumpstart business startups and create jobs. The measure passed 380-41 and is headed to the White House for President Obama’s signature. (Click here or click the image below)
Posted by
Randy
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March 22, 2012
The President's FY13 budget request calls for more spending. Leaders in the Senate have refused to pass a budget for over 1,000 days. This type of budgeting is irresponsible and we are seeing the consequences in the fiscal health of our nation. America needs a new direction when it comes to our federal budget. This week, House Budget Committee Chairman Paul Ryan released a budget blueprint for America. I want to make sure you have access to this budget proposal, so you can read it and analyze it and make an informed decision.
The budget passed Committee this week and is expected to be voted on by the full House of Representatives next week. I want to know what you think about this proposal - do you believe that this is the type of budget proposal that we need to move forward in America?
Posted by
Randy
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March 19, 2012
Take a moment to watch this video by my colleague and House Budget Committee Chairman Rep. Paul Ryan.
Tomorrow, Rep. Ryan will unveil his new budget plan. I look forward to sharing the details of that proposal and my thoughts about it on my blog. In the meantime, share with us - what type of proposals will you be looking for in the budget proposal?
Posted by
Randy
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February 23, 2012
This month marks the third anniversary of the unprecedented trillion-dollar “stimulus” package passed under House Speaker Nancy Pelosi and President Obama (the Congressional Budget Office estimates the cost of the stimulus will reach $825 billion and interest on the debt for the stimulus will be at least $347 billion). The American Recovery and Reinvestment Act (H.R. 1) was rushed through the House and Senate on the promise that it would immediately jumpstart our economy and “save or create” up to four million jobs.
I was one of only 17 Members of Congress to vote against both this stimulus and every other stimulus and bailout under the Bush and Obama Administrations because I believed that they would not work.
Posted by
Randy
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February 22, 2012
I believe one of the first steps we must take to turn our nation’s fiscal course is to quit spending money we do not have and fix the broken budget process. The American people need to know that they have a fact-based, honest budget, and that leaders in Washington are making every effort to expedite spending cuts. I recently supported two bills that would bring us closer to that end. This bill passed the House by a vote of 245-180. This bill passed the House by a vote of 254-173.
Posted by
Randy
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February 16, 2012
On Monday, the President unveiled his $3.8 trillion budget plan for Fiscal Year 2013. The Washington Post reports that the budgets calls for "$350 billion in new stimulus to maintain lower payroll taxes, bolster domestic manufacturing, lure jobs back from overseas, hire teachers, retrain workers and fix the nation’s crumbling infrastructure. There would be only modest trims to federal health-care programs and no changes to Social Security, the biggest drivers of future borrowing, despite last year’s raucous political debate over the federal debt." According to the Associated Press, "By the administration's reckoning, the deficit would drop to $901 billion next year — still requiring the government to borrow 24 cents of every dollar it spends — and would settle in the $600 billion-plus range by 2015.The deficit for the current budget year, which ends Sept. 30, would hit $1.3 trillion, a near record and the fourth straight year of trillion-plus red ink." Despite these increases in stimulus-type spending, the Administration is also advocating for cuts to national defense by $32 billion from last year's overall defense spending. As Mackenzie Eaglen, an analyst for AEI noted, "This budget will shrink the size of the U.S. Navy and Air Force even though the emphasis on Asia is supposedly one of air and naval power. The President is proposing to retire massive numbers of ships and aircraft before the end of their service lives at a time when numbers matter because the demand for U.S. presence abroad is not declining."
The President's budget is available here: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/appendix.pdf
Question of the Week: Do you support the President's budget request for Fiscal Year 2013?
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