On the recordFebruary 15, 2011
The continuing resolution that we are voting on today is irresponsible and extreme. We all recognize that we should take reasonable steps to address our deficit. However, what we are voting on today makes cuts that will harm our students, our public safety, our health, and our environment. When I served as chair of the Financial Services Subcommittee, I worked hard to make sure that we protected the consumer, the investor, and the taxpayer. The agencies funded by this subcommittee ensure that Americans can have confidence in the products that they use and the security of their investments. The CR that we are considering today, with its cuts to the IRS and the Securities and Exchange Commission, fails to provide sufficient resources to meet these challenges. IRS funding will be cut by $600 million, and this will have an immediate impact on taxpayer services as we approach the busy tax season. The IRS will be forced to cut as many as 4,100 employees, mainly enforcement agents, and this will harm the ability of the IRS to find tax cheaters. It is important to remember that if we reduce the government's ability to collect taxes, this will actually increase our deficit, since enforcement resources have a $7-to-$1 return on investment. The Securities and Exchange Commission will see a $41 million reduction from last year, which will prevent it from hiring the staff it needs to carry out the critical new Dodd-Frank financial oversight functions that it has been given.
