Securing Our Economic Future

Statement

By:  Lamar Smith
Date: July 15, 2011
Location: Unknown

The month of June brought another disappointing jobs report. Our country's unemployment rate rose to 9.2 percent. Unemployment now has been above 8 percent for 29 straight months. The unemployment rate has not been above 8 percent for this long since the Great Depression.

The ongoing negotiations over raising the debt ceiling are a critical part of our larger debate in Washington about the best way to create jobs. Republicans believe reducing out-of-control government spending will stimulate job creation. In the debt ceiling discussions, we have been clear that spending cuts will have to be larger than the increase in the debt ceiling the President is asking for. Our nation's $14.3 trillion debt threatens the economic security of future generations.

Republicans will not support legislation that raises taxes. The American people pay enough taxes already. We are in a debt crisis because Washington spends too much, not because we tax too little.

We also support a Constitutional amendment requiring a balanced federal budget so that we can address the underlying causes of our debt.

The House Judiciary Committee recently approved such a balanced budget amendment, which would restore fiscal responsibility and accountability to federal government spending. This legislation will now be voted on by the full House.

Through legislation like the balanced budget amendment, we can get federal spending under control.

The federal government could learn a lot about job creation from Texas.

Forbes Magazine recently ranked the top 10 cities in the country that are best positioned for growth in the coming decades. It is no surprise that four of those cities are in Texas, and two are close by. Austin and San Antonio have become "major hubs for jobs and families."

Texas' unemployment rate has remained under the national average. Lower taxes and reduced business regulations have convinced many companies to move their headquarters to the Lone Star State.

That model could be replicated successfully at the federal level. But instead Congressional Democrats continue to advocate for tax increases. There has never been a time in history when tax increases have created jobs.

America's continued economic prosperity depends on changing our course and reducing federal spending and growing deficits.

House Republicans are committed to lowering spending. We have a plan to lessen the regulatory burdens that stifle small business, reform the tax code, encourage innovation and enact significant spending cuts to pay down our debt.

We must solve our debt crisis to secure the economic future of our nation.