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.
Reform the Budget Process. I supported the Budget and Accounting Transparency Act, H.R. 3581. This would bring government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac on-budget and require consideration of the market risk when calculating the cost of federal loans and guarantees. Read more here.
This bill passed the House by a vote of 245-180.
Expedite Consideration of Spending Cuts. I supported H.R.3521, to provide for an expedited process for spending cuts in which the President can submit to Congress proposed discretionary spending cuts from appropriations bills. The President cannot unilaterally veto funding; this bill simply allows the President to propose a rescission, and for that proposal to receive expedited consideration in Congress. It would be voted on by the House and Senate and would have to be signed by the President to become law. Read more here.
This bill passed the House by a vote of 254-173.
Read more about my work to cut spending here.