Saturday, February 27, 2010
McCarthy: uncontrolled spending and borrowing leads to record deficits; It must end now
"Washington borrows 43 cents on every dollar, which is $43 on every $100, $43,000 on every $100,000, and more then you want to know on every billion. This kind of unbalanced borrowing creates record problems, like record deficits and debt at a time of record high unemployment in California. That is why my colleagues and I held several meetings this week to analyze the President’s proposed Fiscal Year 2011 budget. Guess what we found? Not the cuts we hoped for, but instead a one way ticket to deficit city with no money left to get back home to balance the budget.
"In the next five years, the President’s budget would double our country’s national debt, which is now over $12,000,000,000,000. This is just the preliminary estimates as we have to fight continuously to control spending. For the fiscal health of our nation, and the future of our children, all this Washington spending needs to stop now. On Thursday, at the President’s health care summit, my colleagues tried to drive this point home by emphasizing the cost of the Democrat health care plan. No one disagrees that we need reform, but the over-2,000 page government takeover of health care bill that was crafted behind closed doors with sweetheart deals certain states and certain groups is not the answer.
"Chairman Bernanke was also on the Hill this week for his semi-annual report to Congress on monetary policy. I asked him questions regarding job creation in relation to international trade and the Administration’s budget. Bernanke stated that 40% of unemployed Americans have now been out of work for over 6 months. In our conversation on job creation, I highlighted trade agreements as a way to boost exports of our local goods and create jobs. He agreed. I followed up with a second question on the President’s budget and he indicated that there is a need to take action now to reduce our deficit to help our economy. I couldn’t agree more.
"On Wednesday evening, I conducted a tele-town hall for residents in Bakersfield from my D.C. office using technology that allows me to listen to our neighbors and hear their concerns while I am away working in Washington. During the town hall, we discussed issues ranging from health care to the water problems affecting our Valley.
"I also conducted a short poll asking listeners if they thought the President should have called a jobs creation summit rather than a health care summit and 86% said they thought that our focus ought to be on job creation ideas. Just a quick reminder about the Jobs Fair Expo I am hosting on March 8th at the downtown Marriott in Bakersfield from 11am -2pm. There is no need to RSVP, but if you need more info, please check my website: kevinmccarthy.house.gov.
"On Sunday, I will be attending the Wounded Heroes Salute event in Bakersfield to honor our troops and thank them for their service.
Hope to see you all there!