I have consistently supported legislation and policies to get the nation’s long-term fiscal house in order by balancing the budget and reforming entitlements, so we can eventually pay down our debt.
Budget and Spending
Since 2008, our national debt has increased by more than $9 trillion. Under Democratic control, the United States ran $1 trillion dollar deficits for four consecutive years. After Republicans won back control of the U.S. House of Representatives, the nation’s deficits have shrunk dramatically, to $534 billion in fiscal year 2016. While the deficit is still far too high, the progress made is the direct result of conservative efforts to reign in out-of-control spending, even in divided government.
As a member of the House Budget Committee, I have consistently supported legislation to get our long-term fiscal house in order by balancing the budget and eventually pay down our debt. I support the aims of the Budget Control Act, which I hoped would lead to a solution to our long-term entitlement problems. Of the more than $3.7 trillion in spending done by the federal government, about one third is spent on discretionary programs (those that Congress and the president control on an annual basis). But unless we take on the complicated task of reforming the other two thirds of government designated as mandatory spending (mostly entitlement programs), America will eventually go bankrupt.
The country’s major entitlement programs (Medicare, Medicaid and Social Security) are the most significant drivers of our debt. In fiscal year 2012, all entitlements comprised more than 60 percent of federal spending. According to the Boards of Trustees for Social Security and Medicare, both are due to become insolvent within the next 25 years if no changes are made. Every year that we delay addressing the issue, the solutions become more expensive and more painful, and continue to put our children and grandchildren even deeper in debt.
That’s why I have supported legislation that would put us back on a path toward fiscal balance by making changes to Medicare for those 54 and younger, while protecting those who have planned their retirements around the system in place. Under this kind of plan, those 54 and younger will have the option of keeping traditional Medicare or moving into a program modeled after Medicare Part D (one of the only government programs to ever come in under budget by 40 percent). If Congress acts now, making smaller changes to critical safety-net programs will prevent worse cuts to current beneficiaries.
More on Economy
WASHINGTON, D.C. – Rep. Tom Cole (OK-04) today issued the following statement after House Democrats passed their latest spending bill:
WASHINGTON, D.C. – Rep. Tom Cole (OK-04) today issued the following statement after voting against H.R. 4173, "Restoring American Financial Stability Act of 2010":
"Americans are no safer from another economic collapse today than we were yesterday. This bill institutionalizes 'too big to fail' and does nothing to address the rampantly irresponsible lending practices at Fannie Mae and Freddie Mac that played a leading role in causing the financial crisis. Creating new government bureaucracy and jeopardizing more taxpayer dollars is not reform."
WASHINGTON, D.C. – Rep. Tom Cole (OK-04) today issued the following statement after the House Republican Economic Recovery Working Group launched YouCut, a first-of-its kind initiative designed to give taxpayers an opportunity to vote on spending cuts they would most like to see Congress enact. Cole's proposal to eliminate the Presidential Election Fund is one of the first spending cuts to be considered under the program.
WASHINGTON, D.C. – Rep. Tom Cole (OK-04) issued the following statement after voting against legislation to increase the debt limit:
"Runaway government spending is bankrupting the country, and the Democrats' response is to raise the debt limit and keep on borrowing and spending. Today's vote increased the debt limit for the sixth time in three years. That kind of spending is simply unsustainable.
WASHINGTON, D.C. – Congressman Tom Cole (OK-04) made the following statement today in response to the release of the Obama administration's fiscal year 2011 budget:
WASHINGTON, D.C. - U.S. Congressman Tom Cole provided the following comments after hearing reports that the web site that tracks spending from the nearly $800 billion stimulus bill, Recovery.gov, misreported the number of Congressional districts in the state of Oklahoma.
WASHINGTON, D.C. - U.S. Congressman Tom Cole (OK-4) provided the following comments regarding his recent co-sponsorship of a resolution acknowledging the participants of the 9/12 Taxpayer March on Washington which took place on September 12th.
WASHINGTON - Congressman Tom Cole (OK-04) added his name to a discharge petition calling for House Democratic leadership to give members of Congress - and the public - at least 72 hours to look over major legislation before it is voted on.
"Defeating these Amendments is a Disservice to the American People"
WASHINGTON - Congressman Tom Cole (OK-04) recently introduced two amendments during a conference committee on the FY2010 Legislative Branch Appropriations bill.
Congressman Calls for More Accountability in Presidential Appointments
WASHINGTON – Congressman Tom Cole (OK-04) recently cosponsored legislation calling for more transparency in Presidential appointments. Specifically, Cole cosponsored H.R. 3226, the "Czar Accountability and Reform Act of 2009," introduced by Representative Jack Kingston (GA-01). If passed, funding will be withheld from any task force, council, or czar that is not confirmed by the Senate.