Economy & Budget

Reckless spending agenda in Washington could put the U.S. on course for a Greek-type economic collapse (Rep. Leonard Lance)

New projections from the Congressional Budget Office (CBO) show that the new health care law will cost an additional $115 billion over the next ten years.  The CBO report comes on the heels of last month’s report from President Obama’s chief actuary of the Centers for Medicare and Medicaid Services (CMS) which found that the new health care law actually increases national health care costs over the next 10 years by $311 billion.

Both of these non-partisan government estimates confirm what many members of Congress have known all long — the new health care law was unaffordable and rushed through the legislative process under false promises, faulty pretenses and shoddy cost estimates.

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Misplaced priorities (Rep. Paul Broun)

As the old saying goes, “Don’t put off until tomorrow what you could do today.” With 15 million unemployed Americans, Democrats may be wishing they had heeded this advice.

The fact is after Democrats implemented a failed, trillion-dollar stimulus, they looked the other way.  And instead of keeping a close eye on the job market, they quickly pivoted and passed a law that allows the federal government to takeover our nation’s health insurance.   Over a year later, our nation’s economic troubles have not disappeared.  However, the liberal leadership in Washington continues to put off today what they should have done yesterday.

Unfortunately, the millions of unemployed Americans do not have the luxury of ignoring these problems.  As they struggle to make ends meet, it’s time for Washington to address American’s number one priority: job creation.

My JOBS Act would fix previous mistakes and rescind any unspent funds from the failed stimulus.  It would also provide immediate relief for small businesses as it puts money back where it belongs—in the hands of job creators.   It’s time to address the issues facing our nation’s economy today.

From Broun's blog.

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Democrats ignore causes of housing crisis, refuse to rein in Fannie & Freddie (Sen. Jim DeMint)

Fannie Mae and Freddie Mac are more overleveraged and more underwater than any of the banks in trouble, but the Dodd bill doesn’t even mention them in its hundreds of pages.

Senator McCain has offered an amendment that would repeal their liberal housing goals that encouraged more risky lending and fueled the housing crisis, as well as end their dominance of the mortgage market and let the private sector back in. While more needs to be done to quickly end the permanent bailout of these mortgage giants, the McCain amendment is an important first step.

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VIDEO: Shelby defends GOP stance on Wall St. reform

Sen. Richard Shelby (R-Ala.) defended Republicans' opposition to date of the Wall Street reform bill before the Senate, casting the GOP as acting on behalf of small businesses.

Shelby, the ranking member of the Senate Banking Committee, said that the financial reform bill should also include reforms of mortgage giants Fannie Mae and Freddie Mac.

Watch the video below:

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Wall Street reform: families vs. big banks (Rep. Paul Tonko)

During the last three months of the Bush Administration, we lost, on average 726,000 jobs per month.  In the last three months under the Obama Administration, we have created an average of 54,000 jobs per month – a sharp contrast. Since passing and enacting the Recovery Act, the Dow Jones has gone up over 60%; the S&P is up over 70%; and the NASDAQ is up nearly 90%.  Finally, average tax refunds are up 10%, to nearly $3,000 per family.  However, our work is not done until we reform the heart of the root cause of this recession: Wall Street.

Wall Street reform is currently under debate in the United States Senate. In my opinion, the debate is straightforward; those who support hard working American families and small businesses against those who wish to protect the status quo and big Wall Street banks, which are to blame for the current recession.  For example, last year the House passed HR 4173, the Wall Street Reform and Consumer Protection Act of 2009.   The number of Republicans that voted for the bill: zero.

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It’s time to walk the walk (Rep. Paul Broun)

The Hill reported on Sunday that Speaker Pelosi sent letters to her Committee Chairmen last Wednesday asking them to “redouble” their efforts to reign in federal spending.   However, as The Hill notes, almost exactly a year ago Speaker Pelosi sent very similar letters prior to supporting a budget that drastically increased our national debt.  In fact, Speaker Pelosi has presided over more than three years of record-high deficit spending.

Acknowledging the need to restore fiscal discipline is a step in the right direction, but as Speaker of the House, Pelosi needs to do a lot more than send a few letters.  Proposing a budget would be a first step.  April 15th, the deadline for Congress to submit their annual budget, has come and gone.  And, it is becoming more and more apparent that we may never see a budget.

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Hands off our retirement savings! (Rep. Michele Bachmann)

There have been rumblings from the Obama Administration regarding efforts to create "Guaranteed Retirement Accounts" and impose new government mandates which would undermine 401(k) retirement savings plans and jeopardize employers’ willingness to continue offering them to their workers.

Human Events reports that Vice President Biden mentioned this idea in February as part of the White House's "Annual Report on the Middle Class." They also report that "in conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a 'Request for Information' regarding the 'annuitization' of 401(k) plans through 'Lifetime Income Options' in the form of a notice to the public of proposed issuance of rules and regulations."

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