On the recordMarch 9, 2011
Overall, the Senate CR includes $23.25 billion for financial services accounts. This represents a cut of $2.268 billion, or 9 percent, below the President's fiscal year 2011 budget request of $25.518 billion. Compared to the fiscal year 2010 enacted level of $24.355 billion-- the amount presently available under the continuing resolution--the funding in the Senate CR is a reduction of over $1.1 billion. This is a cut of over 4 percent below a freeze. In comparison, the House funding of $20.513 billion for financial services is a cut of $3.84 billion, or 16 percent, below a freeze. This is extreme. It is harmful. It is unacceptable. The Senate approach, while making significant and difficult cuts, restores $2.737 billion of irresponsible cuts made in H.R. 1. The Senate CR preserves reasonable funding to minimize erosions in critical government programs and prevent harmful setbacks in the delivery of important public services.
