James Barrett: “Mr. Chairman, several of my colleagues today have just discussed the policies that would be put in place to support…”

“Mr. Chairman, several of my colleagues today have just discussed the policies that would be put in place to support economic growth, and they are working. But in addition to getting and keeping the economy going, we must control spending. It does matter. If we are going to say that deficits matter, my colleagues better believe spending matters. All spending must be paid for either through taxes or through borrowing, and both are burdens on the economy. For that simple reason alone, controlling spending in and of itself is a policy for sustaining stronger economic growth. The budget calls for several measures to help Congress help itself control spending, including holding the line on our own congressional budgets, as well as other nondefense, nonhomeland security spending. No new mandatory or entitlement programs. No nonwar emergency supplementals without spending offsets. We have also called for savings initiatives through the reduction of waste, fraud and abuse in several mandatory programs. None of these are going to be easy. A lot of us here and certainly many in the Senate have gotten pretty comfortable signing off on huge spending increases and free-flowing new spending. But success at keeping taxes and spending down will mean a stronger economy and better standards of living for our Nation. If we do not control spending, the result will be higher borrowing and higher taxes.”