For far too long, the people of Virginia’s Fifth District have been negatively impacted by Washington’s inability to live within its means. This lack of fiscal discipline has created economic uncertainty and prevented more dynamic job growth from occurring. It is high time we put an end to business as usual in Washington and stop spending money the federal government does not have.
The non-partisan Congressional Budget Office (CBO) has updated its projections and analysis of our annual deficits for the next ten years and their impact on our national debt. It now expects that we will run a $486 billion deficit in fiscal year 2015. While this is lower than the deficits of $1 trillion or more we ran a few years ago, it is still unacceptable and a serious threat to our future. CBO projects the cumulative deficits over the next ten years to add $7.2 trillion to our national debt that already stands at a staggering $18.1 trillion and counting.
Last month, President Obama released his budget proposal for the next fiscal year and beyond, which could have been an opportunity to address these debt and deficit challenges. Unfortunately, his proposal demonstrates that he wants to continue with the same policies that generated more than $7.5 trillion in new debt during his six years in office. The CBO finds that his budget never – ever – balances and would drive our national debt up to more than $26 trillion by 2025, as total spending is expected to increase by 65 percent over ten years under his plan.
Now that we have evaluated the President’s budget proposal, the House and Senate will propose their own budgets, which will offer a sharp contrast from the increased taxes and spending the President seeks. The House Budget Committee is expected to consider a budget proposal this week with the possibility of consideration by the full House taking place the following week.
Just like our previous budgets, I fully expect that the House Budget will include responsible spending reforms to balance the budget and begin the process of paying down our debt. It will also include policies to expand opportunity by growing the economy, providing families with a fair, simple tax code to boost wages and create jobs, and restoring fairness by cutting spending and combating cronyism. We must make it easier for our small businesses to create the jobs our local communities need, not harder – and now is the time to adopt a pro-growth budget that will create the certainty they need.
I look forward to the House of Representatives once again leading the way by passing a pro-growth budget. I remain committed to working with my colleagues on both sides of the aisle to make the tough decisions necessary to balance our budget and get our fiscal house in order so that we can grow our economy and build a stronger America for our children and grandchildren.
If you need any additional information or if we may be of assistance to you, please visit my website at hurt.house.gov or call my Washington office: (202) 225-4711, Charlottesville office: (434) 973-9631, Danville office: (434) 791-2596, or Farmville office: (434) 395-0120.
Robert Hurt represents Virginia’s Fifth District in Congress.
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