Today, U.S. Rep. Jim Renacci (OH-16) voted in favor of H.R. 5652, the Sequester Replacement Reconciliation Act of 2012, and H.R. 5326, the Commerce and Justice, Science, and Related Agencies Appropriations Act.
"Today marks two significant steps forward for fiscal responsibility in the House," said Rep. Renacci. "First, replacing the sequester with targeted cuts and reforms will prevent the hollowing out of our nation's military. At the same time, we also passed our first spending bill at a level both below last year's and the President's request. That legislation maintains funding for vital areas within the government -- and even increases it for programs like the Office of Violence Against Women -- showing my colleagues and I in the House are working diligently to prioritize how taxpayer dollars are spent."
With H.R. 5652, six House committees -- including the Committee on Financial Services -- produced deficit reduction legislation that would save more than $18 billion in the first year, $116 billion over five years and $261 billion over ten years. Along with other targeted reforms, those savings would be used to offset the $78 billion in across the board cuts scheduled to take place next January. The vast majority of those cuts would come from national defense funding.
H.R. 5326 provides funding for the Department of Commerce, the Department of Justice, and Federal science agencies, such as the National Aeronautics and Space Administration (NASA) the National Oceanic and Atmospheric Administration (NOAA), and the National Science Foundation (NSF), and related agencies. Funding provided under this legislation would be $1.6 billion below the amount of funding provided for Fiscal Year 2012.
Both bills passed in the House of Representatives and now await a vote in the U.S. Senate.
Rep. Renacci is serving his first term in the U.S. House of Representatives, where he is a member of the Financial Services Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.