Cole Statement on Rescissions Package
May 8, 2018
Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after the Office of Management and Budget released its proposal for a $15 billion rescissions package. This proposal is intended to rein in government spending and eliminate unobligated balances.
“Reducing excessive spending and finding places where cuts can be made is critical to addressing the federal debt and long-term spending problems,” said Cole. “I support President Trump’s initiative to tackle some of our current spending problems through a historic rescissions package. It is important to note that this bill does not violate the budget agreement negotiated by the Administration and Republican leadership in the both the Senate and the House in February of this year.
“As an appropriator, I know the Appropriations Committee works diligently to ensure that taxpayer funds are responsibly used and are directed for good purposes. However, many government programs have money that has been appropriated in the past but never spent. President Trump’s rescissions package addresses those unused funds in programs that are either outdated or have fulfilled their obligation.
“Programs like the ‘Railroad Unemployment Insurance Extended Benefits’ has $133 million dollars of unobligated balances since the program expired in 2012. The ‘Advanced Technology Vehicles Manufacturing Loan Program’ has not extended a new loan since 2011, yet has a balance of $4.3 billion dollars in unused funds. Taking those funds back will be helpful in reducing the debt and highlights the importance of appropriating money responsibly in the future.
“Finding ways to properly spend federal funds is key to balancing our national budget and preventing wasteful spending. I look forward to working with the Administration to move this rescissions package forward and to continue to establish responsible spending habits.”