Rep. Cole Supports Budget that Reduces Spending and Deficit
WASHINGTON, D.C.--Congressman Tom Cole attended a press conference today to roll out a budget proposal from the Republican Study Committee that balances the budget by FY 2011, eliminates numerous unnecessary federal programs and proposes over $650 billion in savings over five years.
"This budget proposes big savings and implements pro-growth policies that will help our economy and put more money in the pockets of hard working Americans. Although I do not agree with every proposal in this bill, I believe it sets the right spending and saving targets," Congressman Tom Cole said. "Government spending is growing out of control. It is time we got serious about the deficit and runaway entitlement programs-- this budget does just that."
"Even with these proposals, I believe we must also confront entitlement programs to make any serious attempts at controlling government spending and reducing the deficit over the long term. These programs are currently growing at nearly six percent faster than our economy and more than twice the rate of inflation," Congressman Cole added.
The following proposals are included in the Republican Study budget that was unveiled today at the press conference:
Balances the budget by FY 2011
Proposes the elimination of over numerous unnecessary federal programs
Includes pro-growth tax policy (guards against automatic tax increases)
Makes no changes to Social Security
Makes real reductions in discretionary spending
Proposes $358 billion in reconciliation savings over five years (the original “Contract with America budget included $346 billion in reconciliation savings over five years, $684 over seven years.)
Proposes $392 billion in net deficit reduction over five years (this includes $691 billion in initial savings minus $299 billion in defense and veterans increases)
Increases defense spending to the President’s FY 2007 request
Reduces foreign aid by $31 billion over five years
Significantly restructures three cabinet agencies: Commerce, Energy, and Education
· Allows drilling in Arctic National Wildlife Refuge
· Includes budget process reform
· Calls for earmark reform and a constitutional line-item veto
· Calls for a federal sunset commission
###