Rep. Cole Votes for Less Spending, Lower Deficit

WASHINGTON, D.C. -Congressman Cole voted today for the Deficit Reduction Act that will slow the rate of growth in government spending from 6.4 percent to 6.3 percent.

"In the wake of Hurricane Katrina, it has become necessary to find ways to lower spending and pay for the aid needed in the Gulf Coast. This legislation does just that--without cutting spending and important programs. The Deficit Reduction Act merely reduces increases in spending that would otherwise occur if left on auto-pilot," Congressman Cole said.

The Deficit Reduction Act of 2005 includes savings recommendations from eight authorizing committees to achieve a net savings of about $50 billion in mandatory spending programs. Thirty-five billion dollars was designated in the FY06 conference report passed earlier this year. The additional savings reflects a commitment to making a down payment on disaster spending. Although a good step forward in limiting the size and scope of government, the amount within the context of the $14 trillion that will be spent by the federal government over the next five years is very small.

"This is one step, with still more work to do afterwards, to contain the growth of federal spending," Congressman Tom Cole said. "If left alone, eventually mandatory spending will crowd out all other priorities--such as education, veterans services, agriculture, environment, homeland security and defense."

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.

"Teachers should not be punished for an unavoidable natural disaster that leaves them temporarily without a job," Congressman Tom Cole said.

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.

The Senate has already passed their version of this legislation and now the differences between the two bills will need to be resolved in a conference committee.

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