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April 23rd, 2009

Latham: Government in the Red for the Rest of the Year

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Written by: The Iowa Republican

latham1On Sunday, April 26th, the federal government will have burned through all the revenue it will take in this fiscal year and will begin piling up debt for the next five months.

That didn’t take long, did it?

All the money spent in Washington the rest of the 2009 fiscal year, which ends about five months from now on September 30th, will either be borrowed from other countries or “borrowed” (borrowed implies that our children and grandchildren had some say in the matter) from future generations. Both options will increase the federal debt and hinder the ability of millions of American families struggling with the recession to improve their economic standing. Americans everywhere are scouring their budgets and looking for ways to save at the same time Washington is overloading them with debt and taxes.

The wasteful $787 billion stimulus package and the staggering $3.6 trillion budget resolution passed by Congress recently will only add to the national debt and prolong the economic pain of the taxpayers. The American people know that we can’t borrow and spend our way to prosperity. The real solution to the country’s economic problems lies in reining in federal spending, eliminating government waste and reducing the tax burden on American families.

President Obama recently directed his cabinet to find $100 million in savings in the federal budget, but that sum barely scratches the surface of the mountains of waste Washington has piled up in the last several months alone. To put it into perspective, that’s like asking a family that makes $60,000 a year to shave $6 from its budget. In fact, the federal government spends $100 million every 13 minutes. Taxpayers deserve principled action and leadership rather than political theater and empty gestures.

I opposed the stimulus package, the Wall Street bailout and House Speaker Nancy Pelosi’s budget resolution because I don’t believe the American taxpayers should be left on the hook for a skyrocketing national debt that will hamstring our economy for generations to come. The American people are demanding a return to responsible fiscal policy based on sound economic principles, and I’ll do everything in my power to answer their call.

Unemployment is on the rise, consumer confidence is waning and the American people deserve real leadership. By piling up debt, the federal government is putting obstacles between the American people and prosperity. It’s time for the government to start tearing those obstacles down.

Written by Congressman Tom Latham

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The Iowa Republican

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