Posted by Randy | May 09, 2013
At the end of April, the Treasury Department announced that it would pay down $35 billion of the nation’s debt for the first time since 2007. In February, the Congressional Budget Office estimated that the federal government would run a deficit of $845 billion this year, 24 times the amount the Treasury is paying down.
Posted by Randy | May 08, 2013
I wanted to bring your attention to a recent Washington Post article regarding fees the federal government pays on empty accounts, further highlighting the need to address Washington’s spending problem.
Examples such as this are just one reason I believe strongly in the role of Congress to provide continued oversight of the Executive Branch. In this fiscal environment where each American’s share of the deficit is more than $53,000, many remain unemployed and taxes have been increased (and some are threatening more tax increases for the middle class), all government spending must be looked at with the highest degree of scrutiny and transparency. My goal is always to ensure the taxpayer gets the absolute most for each tax dollar.
We must put forward policies that are in the best interest of the American people. I will continue to work to curtail this alarming spending trend and will advocate restraint and fiscal control when addressing our nation’s budgetary needs. We owe it to the people of this country to be wise stewards of their money.
I introduced the Congressional Accountability Pay (CAP) Act, H.R.284, to address situations like this. The more Washington spends, the less Members of Congress should receive in their paychecks. Read more here.
Posted by Randy | January 31, 2013
I want to share with you a recent CNBC article showing that GDP in the United States fell for the first time since 2009. Both the article and the chart below, indicate that the 0.1 percent decline is due in large part to the largest cuts to defense spending our nation has seen in 40 years.
Since 2011, when sequestration was introduced as a means to reduce spending, I have been warming against drastic and dangerous cuts to our military. I opposed the Budget Control Act, which will implement sequestration and slash defense spending on March 1, 2013, and have consistently supported alternative plans to address the debt and reign in spending in Washington. Given this latest economic report, do you agree that a strong defense is necessary to maintain a strong America?
Posted by Randy | January 29, 2013
In my recent online survey, I asked people which issues they believe are most critical for Congress to address. Most (2660 out of 5174) said “taking serious action to reduce government spending.” I agree.
Posted by Randy | 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.
Question of the Week: To avoid a European-like fiscal crisis, which of these measures do you support to stop our exploding debt?Posted by Randy | 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 | 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.
Posted by Randy | 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 | 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 | 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?
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