Friday, January 25, 2013

House Majority Whip Rep. Kevin McCarthy: the President needs to step up and lead by backing a realistic budget, revising the tax code and bringing spending under control

 "Rep. Kevin McCarthy, R-Bakersfield and House Majority Whip, gives us his weekly view from Capitol Hill. In his own words:

 "Those of you who read this blog know the magnitude of our growing debt crisis.  In Fiscal Year 2012, Washington took in $2.5 trillion and spent $3.8 trillion.  Our national debt has surpassed $16 trillion and is now larger than our $15 trillion economy.  This is unsustainable.

 "The first step towards saving our country from this debt crisis is having the House and Senate pass a budget. The House has passed a budget.  The Senate has refused to act.  That’s why this week, I led my colleagues in passing a bill requiring the House and Senate each to pass a budget. If either chamber fails, their pay would be withheld. The principle is simple: No budget, no pay. While the House has passed a budget every year since 2011 to outline budget and spending priorities, the Senate has failed to produce this basic framework required by law for four years and counting.  The iPad wasn’t even on the market the last time the Senate passed a budget. By passing the No Budget, No Pay Act by a bipartisan majority of 285-144, the House will hold the Democratic-controlled Senate accountable so we can begin addressing our debt crisis.

 "Working families in our local communities find ways to cut costs and save money and the federal government must also. The House is preparing a new budget with immediate spending cuts that puts us on a path to balance the budget.  And in a matter of weeks, the President will present his ideas in his State of the Union Address. I hope he tackles the issues most important to local families and small businesses I consistently hear as I travel around our communities.

 "First, I hope the President acknowledges that we face a serious challenge from our burdensome spending-driven debt. Debt hurts our nation’s economic growth by hindering private investment, creating uncertainty, and increasing interest payments that could go to more productive investments.

 "Second, I hope the President embraces growing our economy by joining Republicans to fundamentally reform our tax code. Not by raising taxes, but by making the tax code less complex, lowering rates, and broadening the base.  Let America’s best and brightest innovators and entrepreneurs compete, expand and make needed investments to grow and hire.

 "Third, I hope the President recognizes the need to rein in regulations hurting small businesses. Just talk to local small business owners about California’s regulatory climate and you’ll hear how difficult it is to stay afloat.  Unfortunately, we’ve seen major regulations balloon out of this Administration that could hurt the pocketbooks of hardworking Americans.

I stand ready to tackle these issues as we have over the past two years.  It’s time for the President and Senate Democrats to join us in taking real action to cut spending, reform entitlements, and grow our economy. If we don’t act now, future generations will have less opportunities and more debt. That is a future I do not accept. Making the Senate pass a budget is an important first step.

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