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| Freshman Dem Leans Toward Fiscal Conservatism |
| 2011-04-27 |
| From an e-mail response to a Congress.org e-mail - my Northern Virginia (Democratic) first-term Congressman, who (for the first time), provided me with some hope. I share your concern that increasing federal debt is harmful to our long-term economic prospects, and must be addressed now. While budgetary deficits unfortunately are not a new phenomenon - the federal budget has been in deficit in 74 of the past 100 years - they are not inevitable. Beginning in Fiscal Year 1998, the federal budget was in surplus for the first time in almost 30 years. Budget surpluses continued through FY 2001 and the decade-long projection was $5.6 trillion in surpluses. Unfortunately, 2002 saw the return of budget deficits. The past is only important in noting that we can achieve eventual surpluses, especially if we rely upon the budgetary tools that helped lead to previous surpluses under President Clinton. But wait! In 1990, President George H.W. Bush signed Statutory Pay-As-You-Go, or PAYGO, legislation that required federal spending increases or revenue cuts to be offset so as to not increase the federal deficit. PAYGO was in force throughout the 1990s and was a significant contributor to those budgetary surpluses. It should come as no surprise that when PAYGO was allowed to expire in 2002, deficits returned. I am proud to have voted for the reinstatement of statutory PAYGO, which was signed into law this January. This from a guy who voted for Obamacare. While PAYGO will be a significant tool in deficit reduction, we must do more. Recently, I wrote Congressional leadership asking them to dedicate unused and repaid funds from the Troubled Asset Relief Program, or TARP, to deficit reduction. Thanks to the improving financial sector, the savings from TARP are projected to be $173 billion. This represents the single largest opportunity for deficit reduction in our history, and we must demonstrate fiscal responsibility by taking advantage of it. I broke with my party and voted against the use of TARP funds to fund the recent $154 billion jobs bill because it would further add to the deficit, and while we work towards supporting continued economic recovery, we must be mindful of the long-term implications of deficits. I will continue to work towards further reductions in debt, and a return to fiscal responsibility in Washington. I shook this man's hand before the 2008 election, and thought him a moderate Dim. Perhaps my first impression was best? |
| Posted by:Bobby |
| #1 Who's the congresscritter, Bobby? |
| Posted by: Barbara Skolaut 2011-04-27 14:50 |