U.S. Senator George LeMieux (R-FL) today highlighted the urgent need for Congress to rein in spending and put the federal government on a path toward fiscal discipline. LeMieux's call comes after learning the federal government racked up another $166 billion in debt in a single day last week. Additionally, the Congressional Budget Office reported Wednesday that the deficit for the current fiscal year has surpassed $1 trillion dollars.
Senator LeMieux said:
"We still have two months left in the fiscal year and the federal government is already overdrawn by more than a trillion dollars. It is clear the federal government's appetite for growing spending will never subside. The Executive branch has talked about the issue, but failed to follow up with substantial action. So the responsibility falls to the Congress. Whether lawmakers will demonstrate the courage to tackle this problem will dictate the ability of future generations of Americans to prosper. Unrestrained federal spending will result in unmitigated damage to our nation and it must be stopped."
BACKGROUND: Senator LeMieux is author of a proposal called the 2007 Solution, which would create a mechanism allowing Congress to cap federal spending at FY 2007 levels, or about $2.7 billion. LeMieux has also introduced a proposed constitutional amendment requiring a balanced federal budget and providing line-item veto authority to the president.