This year will mark the fourth straight year that the United States will borrow over $1 trillion just to pay the bills. The deficit for Fiscal Year 2012 will total $1.12 trillion, equal to $9,500 of debt for every household in America. We cannot afford more of the same.
To address the tax hikes and automatic spending reductions set to take effect in January, the House has done its job and passed two important pieces of legislation, both awaiting Senate action. H.R. 5652, the Sequester Replacement Reconciliation Act of 2012 would provide the spending reductions required by the Budget Control Act. The second piece of legislation, H.R. 8, the Job Protection and Recession Prevent Act, would extend all current tax rates, including the death tax, for one year, and continues the 15% capped rate on capital gains and dividends.
These issues are too important for the Democrat-led Senate and President Obama to continue to ignore. The American people are rightfully discouraged, and it’s well-past time for Congress to step up and ensure we do not slip off the fiscal cliff and into another recession.
Roe is a member of the House Education and Workforce Committee.