Rep. Cole Votes for Deficit Reducation Act

WASHINGTON, D.C.--Rep. Tom Cole voted for the Deficit Reduction Conference Report early this morning which will help lower the rate of growth of government spending and reduce the deficit. This legislation includes savings recommendations from eight authorizing committees to achieve a net savings of about $41.6 billion in mandatory spending programs.

"It is important to remember that this legislation does not cut spending--it simply lowers the rate of spending growth over the next five years," Congressman Cole said. "We still have a long way to go in reforming government spending and reducing the deficit, but you have to start somewhere."

To reach these savings, this legislation makes critical reform to mandatory spending programs, which if left on their current path--in just a decade--will consume 62 percent of the government's budget. Reform was needed to ensure these programs continue meeting their core missions.

"Eventually mandatory spending could crowd out all other priorities--such as education, veterans services, agriculture, environment, homeland security and defense. With this legislation, Congress makes a responsible commitment to meet America's priorities now and in the future."

This legislation also included a provision, added by Congressman Cole that will waive the continuous service requirements of the Federal Teacher Loan Forgiveness Program for teachers whose employment is interrupted by Hurricane Katrina.

The Federal Teacher Loan Forgiveness Program requires teachers to be full-time employees at a qualifying school for five complete and consecutive years to be eligible for loan forgiveness. This legislation would allow the Secretary of Education to waive the "consecutive" requirement for those affected by a natural disaster.

This legislation will now go to the President for his signature.

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