Rep. Cole Votes for Effort to Slow Government Spending, Reduce Deficit

WASHINGTON, D.C.--In order to help control mandatory spending, which now comprises about 54 percent of the budget, Congressman Tom Cole voted yesterday for the Deficit Reduction Conference Report (S. 1932) that will achieve almost $40 billion in savings over the next five years.

"Passing this legislation and sending it to the President is a really great way to start this legislative year. Mandatory spending programs are currently growing at an unsustainable rate--if left alone these programs will begin to crowd out all other national priorities, strain our economy and significantly increase the deficit," Congressman Tom Cole said. "This legislation gets us going on the right track, strengthening and improving entitlement programs to make sure they are serving their intended purpose."

The House passed a slightly different version of this legislation in December 2005. It is necessary to pass the bill again because it was altered during debate in the Senate. H.R. 4241 will now go to the President for his signature.

"The Deficit Reduction Act lowers the rate of spending growth over the next five years. It is a real effort to slow government spending and reduce the deficit, but it is not the only solution. We still have a long way to go. I hope this year, we will be able to find ways to achieve additional savings and get serious about how the government spends taxpayer money," Congressman Tom Cole said.

H.R. 4241 also provides a down-payment toward hurricane recovery and reconstruction costs. Congressman Cole was able to add a provision in this bill that will waive the continuous service requirements of the Federal Teacher Loan Forgiveness Program for teachers whose employment is interrupted by Hurricane Katrina.

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