Flores Supports Plan to Save Taxpayers $2.5 Trillion
Washington, D.C. – Today, U.S. Congressman Bill Flores (R-TX) became a co-sponsor of the Spending Reduction Act, which begins to address the rapidly growing national debt by making substantial spending cuts immediately and throughout the next decade. Flores released the following statement regarding his co-sponsorship of the bill:
“The national debt has grown from $8.6 trillion four years ago to more than $14 trillion today. This mountain of debt, nearly the size of the entire U.S. economy, threatens to create a whole new financial crisis for future generations. Every day that Washington refuses to address its spending illness, the problem grows even larger. Unless Congress takes swift action, massive tax hikes, economic stagnation and national bankruptcy will burden our children and grandchildren with debt and rob them of the opportunity to reach for the American Dream.
“The Spending Reduction Act gives us a $2.5 trillion head start in the race to restore America’s promise, prosperity and security for future generations. Fully resolving the growing debt crisis will require lasting private sector job growth and reforms that make our safety-net entitlement programs sustainable for the 21st century. These tough, yet fiscally responsible choices will help us to ensure the United States of America remains the greatest nation in history.”
Compared to current projections, the Spending Reduction Act would save taxpayers $2.5 trillion through 2021. It starts by keeping House Republicans’ pledge to take this year’s non-security spending back to 2008 levels and repeal unspent funds from Obama’s failed “stimulus.” At the beginning of the next fiscal year on October 1, 2011, spending is further reduced to 2006 levels and frozen there for the next decade. To help achieve these savings, the bill shrinks the size and cost of the civilian federal workforce and specifically targets more than 100 budget items and spending reforms.