U.S. Senators Olympia J. Snowe (R-Maine), John Thune (R-South Dakota), Marco Rubio (R-Florida), Jerry Moran (R-Kansas), Scott Brown (R-Massachusetts), Mike Enzi (R-Wyoming) and David Vitter (R-Louisiana) today introduced an amendment to the SBIR/STTR Reauthorization Act, which the Senate is currently debating, to pay for any cost associated with the current legislation by rescinding unspent, unobligated stimulus funds.
"As our gross federal debt exceeds $14 trillion and is projected to reach 100 percent of our gross domestic product by the end of 2011, we must seize every opportunity to maximize the impact of precious tax dollars. Redirecting stimulus funding that failed its promise to be timely, targeted and temporary will support job creation and critical innovations to keep our nation at the vanguard of competitiveness," said Senator Snowe, Ranking Member of the Senate Small Business Committee. "While the SBIR/ STTR reauthorization does not directly appropriate any money, we must be ever mindful of the fiscal constraints facing our nation."
"We should use this legislation and every opportunity we can to make clear that our federal government must stop spending money we don't have," Senator Rubio said.
"This common-sense step will allow us to reauthorize SBIR while also moving forward to tackle our spending problem," said Senator Scott Brown. "We have identified millions in unused stimulus funds that could be used immediately to allow small businesses to stay in business and grow. I am pleased to co-sponsor this amendment to rein in spending while supporting the economic engines critical to our recovery--small businesses."
"It is clear spending our way to prosperity through the stimulus bill did not work, that is why I am continuing my fight to change direction. We must rescind the unspent stimulus funds and direct them toward righting our nation's fiscal course," Senator Moran said.