Congressman Spencer Bachus (AL-6) today discussed strategies for boosting economic growth and reducing the national debt during a speech to the Jefferson County Mayors Association.
In remarks at the Trussville Civic Center, Bachus said the dangerous size of the debt, the cost of new regulations, and bureaucratic second-guessing have created a climate of uncertainty discouraging job creation.
"One of the major steps we can take to improve the economy is to stop the onslaught of all of these new regulations, get the government out of micro-managing the economy, and let the free enterprise system work," said Bachus, who serves as Chairman of the House Financial Services Committee.
Bachus noted that many small businesses are having a harder time getting loans from their local banks to create jobs since passage of the Dodd-Frank financial act, which created more than 400 new rules and 2800 additional federal regulators.
Regarding the national debt, Bachus said upcoming debt reduction negotiations need to focus sharply on reforming the entitlement programs -- Medicare, Medicaid, and Social Security -- that are on a path to consume the entire federal budget. Bachus said Washington should take a lesson from local mayors and balance its books.
"Families have to balance their budgets. Businesses have to balance their budgets. 49 states including Alabama have a statutory obligation to balance their budgets. Only the federal government has had the power to continue its unrestrained spending because it has no requirement to balance its budget," said Bachus, who supports a constitutional amendment to balance the budget.
Bachus also repeated his strong support for the timely completion of the Northern Beltline to the mayors association. He said the project will create jobs, alleviate traffic congestion, and help reduce air pollution.