On the recordMarch 10, 2011
I want to thank my colleague from Illinois (Mr. Dold) for introducing this legislation to end a failed Federal program, the FHA Refinance Program. This amendment ensures that the savings realized from ending this program go directly to debt reduction. Last month, Mr. Chairman, this Chamber began a process of examining the Federal budget line by line, asking tough questions and making tough decisions on Federal spending. While our work was substantial, it is also continuing. In order to encourage economic growth and job creation, the Federal debt is and must remain public enemy number one. Over the past 2 years, Federal discretionary spending has increased by 24 percent. The rate of growth is simply unsustainable. Despite the record pace of new spending over the last 2 years, that spending continues today. Just this week, Mr. Chairman, we learned that the Federal deficit for the month of February 2011 was the highest ever, and exceeded the deficit for the entire fiscal year 2007, $233 billion, Mr. Chairman, the biggest monthly deficit in the history of our country. Over the past decade, we have seen the excesses and unsustainable growth in sectors of our economy that can have disastrous effects across the entire economy. Unless we take dramatic action now, the tax burden placed on small businesses and families in my own Bucks County and across the Nation will outpace our ability to pay, killing jobs and straining family budgets.
