Hensarling: “End the Spending Binge”

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GOPer knocks plan to raise debt ceiling in weekly response.

“If the President wants our help to pay off his debts, he’s going to have to begin the process of cutting up the credit cards.”

Hi, I’m Congressman Jeb Hensarling of Texas, and I serve as chairman of the House Republican Conference.

Now down here in Texas, we have a saying: ‘when you’re digging a deep hole for yourself, stop digging.’

Now this isn’t a rule the powers-that-be in Washington have been willing to follow, and because of that, American workers are clearly paying the price.

Under President Obama’s economic policies, we’ve seen not only our first, but our second trillion dollar deficit in our nation’s history, and we are well on our way to our third.

These deficits are unsustainable and unconscionable. They add uncertainty to our economy. They weaken confidence in our government. And they keep job-creating investment on the sidelines.

Now to help get our economy back to creating jobs, we need to end the spending binge in Washington and get government out of the way. We need to stop the digging. That’s what history tells us, it’s what economists tell us, and that’s what the American people are demanding.

Instead of working with us to cut spending though, President Obama has asked Congress to yet again increase the debt limit. Now no one wants America to default on its debt.

But if the President wants our help to pay off his debts, he’s going to have to begin the process of cutting up the credit cards. In other words, we need major spending cuts and major spending reforms.

Unfortunately, instead of committing to these cuts and reforms, the President has called for -– are you ready for this – even more ‘stimulus’ spending, as ineffective as it’s been.

Now, you’ve probably heard the President talk about cutting spending, but what he’s really after is savings to pay for more quote-unquote ‘investments’ in yet even more ‘stimulus’ programs.

You know, my questions for the president are these: Mr. President, how does spending us down the road to national bankruptcy help us ‘win the future’? And Mr. President, how does borrowing even more money from the Chinese make us more competitive?

After two years, it’s pretty clear: we can’t borrow, spend, and bail out our way to economic prosperity. No nation can. So while I appreciate the President’s ‘can-do’ rhetoric, his job-destroying policies won’t do, and that’s what matters most to American families.

Now the new House majority is listening to the people and taking a responsible approach to cutting spending and growing our economy. Here’s what we’ve done since going to work on behalf of the American people just one month ago today:

We voted to reduce the deficit by $700 billion and to reduce spending by more than $2.6 trillion by repealing the job-destroying health care law. This week, our Republican colleagues in the Senate kept their promise to fight for repeal.

We voted to save taxpayers $617 million by ending taxpayer funding for political candidates and conventions.

We banned Congressional earmarks and cut our own budget by five percent, because you’ve got to lead by example.

We’ve changed the culture of the House by holding weekly “YouCut” votes to actually cut spending and eliminate wasteful government programs.

And this month, we will put forward a continuing budget resolution that outlines billions of dollars in spending cuts because we pledged to cut spending back to the pre-‘stimulus,’ pre-bailout levels.

In order to get American back to work and create jobs, there is no limit to the amount of spending that we’re going to be willing to cut.

Of course, Americans know you don’t simply ‘win’ the future, you’ve got to plan for it.

That’s what makes this issue so important. Washington’s spending binge isn’t just hurting our workers, it’s threatening our children’s future as well.

We’ve reached a tipping point where we are firmly on course to be the first generation in America’s history to leave the next generation with less freedom and a lower standard of living. In other words, loss of the American Dream.

It doesn’t have to be this way. If we are principled, if we are courageous and smart, together we can preserve the torch of liberty for our children and grandchildren and they will have a brighter future. Thank you for listening. ####

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