When Will Congress' Spending Spree End?

Press Release

When Will Congress' Spending Spree End?

In these tough economic times when families all over East Alabama are tightening their belts and going without, many of us wonder -- when will Congress stop the spending spree?

This rhetorical question is one I hear from folks all across East Alabama these days, and one folks tell me they want asked.

Recently, I got the chance. On July 10th, the Agriculture Committee, of which I am a Member, and the Financial Services Committee, held a joint hearing with U.S. Treasury Secretary Timothy Geithner.

I asked Secretary Geithner how he expects folks back in Alabama and across the country to be tightening their financial belts when the Federal Government is doing just the opposite.
Secretary Geithner gave a thoughtful response, and argued that the Federal government these days is spending heavily in an effort to boost the economy.
But I strongly disagree all this spending is necessary. Congress has been spending like drunken sailors this year, and it's got to stop.

Back home at the grocery store, or when reading constituent letters, most folks are voicing their concerns to me over the massive amounts of money Congress is borrowing and spending.

The $787 billion stimulus package that was supposed to help create jobs and keep unemployment below 8 percent hasn't worked. There's even talk of a second stimulus package. If it didn't work the first time, why try it out again?

At the hearing, I also asked Secretary Geithner what the government is doing about saving jobs.
Many of you across East Alabama are familiar with Plantation Patterns -- a Meadowcraft Company -- with a plant in Wadley and one in Selma. This company is one of the largest producers of wrought iron furniture in the world. They employ hundreds in Randolph County.

Recently, Meadowcraft was forced to file for bankruptcy. Their creditors are banks that received taxpayer-funded Troubled Asset Relief Program (TARP) funds to help kick-start the economy by freeing up credit for businesses and families.

So how could the company's creditors force them into bankruptcy while using taxpayer funds intended to help protect Main Street jobs? With hundreds of good paying jobs at stake, banks receiving TARP funds have the obligation to do more. I hope Secretary Geithner continues to listen to the struggles of rural America -- not just those in the big cities.

As Congress moves forward, jump-starting the economy and saving and creating jobs should be at the forefront. One of the best ways to accomplish this is for Congress to control its spending, so we all don't end up deeper in debt and poorer as a Nation.

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