Dear Mrs. Neser:
Thank you for contacting me to express your frustration with the progress of budget talks and the pace at which our federal government is addressing our serious financial challenges. We have a serious national challenge before us, and people want to hear ideas and solutions from their federal representatives, not partisan politics. I believe that we need to return to the foundations and principles upon which this country was founded. We also must follow a very fundamental principle of accounting: We cannot spend more than we bring in. No nation, business, or individual can long escape the pain of spending more than it makes. While today we feel the pain of past decisions, let us have the resolve to protect our nation's future from the deception that comes with the belief that the principles of economic reason apply to everyone but ourselves.
The increasingly rapid rise of government spending, and severity of our public debt situation has brought our nation to this "boiling point" of debate over how best to move forward. The federal debt held by the public as a share of Gross Domestic Product (GDP) was 40.3% in 2008, 53.5% in 2009, and 62.2% in 2010. For this fiscal year, it is estimated at 72%. I believe that everyone can agree that we cannot sustain this path and must address our policies going forward.
I also believe that we can all agree the debt ceiling needs to be raised and that we cannot default. While there are different numbers being offered for "cuts" in spending, we cannot immediately cut enough money to stay under the current debt limit. Additionally, we must do all that we can to prevent the United States from losing our triple-A bond rating. One smaller ratings company has already downgraded the U.S. sovereign debt from triple-A to double-A, stating the lack of spending control as the essential challenge to our economy in the future.
While no plan may be perfect, the Cut, Cap and Balance Act (H.R. 2560), is the only plan that has been brought forward for a vote as of this date. This legislation makes immediate spending cuts, sets enforceable spending caps, and requires passage of a balanced budget amendment in order to raise the debt limit. The Cut, Cap and Balance Act is a constitutional solution to put an end to the spending-driven debt crisis and save our children and grandchildren from a bankrupt future.
On July 19, H.R. 2560 passed in the House with my support by a vote of 234 – 190. However, on July 22, 2011, the motion to proceed to consider the measure failed in Senate by a vote of 46-51.
Below are just five important items from the Cut, Cap, and Balance Act as passed by the House:
• Make necessary cuts and reforms to get the debt under control. Cut, Cap, and Balance cuts total spending by $111 billion in FY 2012, reducing non-security discretionary spending below 2008 levels. Enforceable caps on spending will bring the size of government back below 20% of GDP to its average level over the last 30 years.
• Ensure the debt limit isn't raised without a credible plan for addressing our debt problem. Raising the debt limit without a credible plan to balance the budget ignores the real spending problem and will make our debt problems even worse.
• Protect seniors and our veterans. While addressing wasteful spending, the Cut, Cap, and Balance Act makes absolutely no changes to Social Security, Medicare, or veterans spending.
• Encourage tax reform rather than higher taxes to address our national debt. This year, the Federal government will spend twice as much as it spent just ten years ago, and more than 40% of it is borrowed money. While we do need to reform our tax code to make it fairer and simpler, the reality is we have too much debt because Washington spends too much, not because it taxes too little.
• Pass a Balanced Budget Amendment. It provides that the President can request a debt ceiling increase only if a qualifying Balanced Budget Amendment passes Congress and is sent to the states for ratification.
While the Senate failed to act on this important legislation, they have yet to put forward their own plan for a vote. While the President has talked about a plan he would like to see enacted, the White House has not as yet put forward an actual plan. The House Republicans are expected to bring a new plan to the floor for a vote as early as Thursday.
I look forward to continuing to work with my colleagues from both sides of the aisle to chart a course towards a nation not burdened with the crushing weight of its national debt. For each and any plan that comes before me for a vote, please be assured that I will give each of them serious consideration and cast my vote for what I believe is in the best interest of the country.
Thank you again for being a part of the debate about how we meet this challenge before us and how we build a stronger, smarter, more efficient America. Please visit my website, www.forbes.house.gov to learn about the work I am doing to address our Federal budget issues and to join this important discussion. With kind personal regards, I am
Yours truly,
J. RANDY FORBES
Member of Congress
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