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Federal Spending and the Economy

Budget and Spending

We need to restore fiscal responsibility in Washington, D.C. The independent Congressional Budget Office has noted several times that our federal spending is unsustainable. I take this issue very seriously as your Representative fight to rein in spending, prioritize funding for our military and veterans, and eliminate waste, fraud, and abuse.

Congress must take responsibility for its fiscal policy decisions. Too often, meaningful reforms addressing our government’s spending are pushed to the back burner. I am working to change that. Rising debt hurts our economy. I want fiscally responsible budgets that get the government out of the way of businesses, families, and economic growth. If families across our state must balance their budgets, the federal government should too. We must care for future generations by practicing fiscal restraint today. I am committed to responsible budget reforms that support all Americans and help the country move toward fiscal responsibility. Americans are dealing with rampant inflation that raises costs at the grocery store and the gas pump. Out of control spending does nothing to help alleviate the pain Americans are feeling each month.

The Debit Limit and Budget Agreement

The Fiscal Responsibility Act of 2023

Speaker McCarthy led negotiations that secured many Republican wins. Temporary Aid for Needy Families and associated food stamps programs now have expanded work requirements that encourage people to get back on their feet while protecting Veterans, homeless individuals, and young adults aging out of foster care.

Republicans also securedaccelerated permitting for energy projects, which was a priority for the Republican Majority.

The budget for the Defense Department increases to $886 billion next year and $895 billion in 2025. These funds keep our military strong and secure our armed forces’ ability to protect America.

According to the Congressional Budget Office, taxpayers will save an estimated $2.1 trillion over the original projected spending.

This legislation requires Congress to pass all twelve appropriations spending bills or spending caps will be instituted in January 2024. This deadline and requirement are crucial to keeping lawmakers on task and accountable.

The bill:

  • Shuts down Biden’s COVID slush funds
  • Blocks all of his $5 trillion in new tax proposals
  • Ends the out-of-control spending that is driving up the cost of living
  • Eliminates $1.4 billion that would be wasted on hiring Biden’s new army of IRS agents
  • Enacts the most consequential work requirements for welfare recipients in a generation. 

 

Jobs and the Economy

The best way to help the prosperity of American families and businesses is to allow them to keep more of their income and revenue. To give power back to the people, Congress should support across-the-board tax cuts. These cuts should be broad-based so that Washington isn't picking the winners and losers, and they must be permanent so businesses can actually plan and invest.

The Biden administration and Congress should act to remove the regulatory barriers to energy production and should streamline the existing permitting process. Increased domestic energy production from all sources (including oil, natural gas, oil shale, nuclear, and renewables such as hydropower) will, without a doubt, lower energy costs, reduce our reliance on foreign energy, and create new jobs.

Increased taxes, new government regulations, and costly government mandates are a significant threat to any employer who is trying to decide whether they can afford to expand. Congress must push back against these regulations and create a vibrant market where businesses and individuals can thrive.

Bidenomics

The Trump Administration saw the lowest unemployment numbers in 50 years, reaching 3.5% in February of 2020, and consistently showed a strong stock market and low-interest rates. The current administration has stifled economic growth. In a recent poll, only 25 percent of Democrat Americans support President Biden’s Inflation Reduction Act (IRA) and state that they believe the President is doing a poor job with the economy. This shows that Americans know that the IRA has a higher price tag than originally promised. Inflation remains high, and elevated interest rates keep many Americans from purchasing homes, cars, and other items requiring credit. Even if inflation comes down, those are dollars our fellow citizens will never get back, with wages failing to keep up with cost-of-living increases.

Ensuring a Strong National Defense

As Representative of Colorado's 5th Congressional District – a district with one of the highest concentrations of veterans in the United States and numerous active military installations– I understand that defending America's security is the highest priority for the federal government. To that end, I am proud to support this budget and debt limit deal. It has robust funding for troop training, equipment, compensation, and improved readiness, and commitments to protect our veterans.

Reforming Government Programs While Improving Accountability

As your Representative, I know that every tax dollar collected by the federal government was taken, not earned, from real people working real jobs in the private sector. That's why it's important for Congress to act as responsible stewards of taxpayer dollars – and that's why at every opportunity, I push for reforms to government programs and improved accountability, generating better outcomes for Americans.

For additional information on the Fiscal Responsibility Act of 2023:

https://www.speaker.gov/the-fiscal-responsibility-act-restores-fiscal-sanity/