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Public Statements

We Must Restrain Spending

Floor Speech

Location: Washington, DC

Mr. THOMPSON of Pennsylvania. Mr. Speaker, this year the United States Treasury received more revenue than any year in the history of our Nation, yet we will spend a third more than we take in. Clearly, we do not have a revenue problem. We have a spending problem.

The Budget Control Act signed into law last year was a good first step towards deficit reduction, half of which has already been put in motion. With the Supercommittee's failure to achieve the other half, those cuts are now going into effect under sequestration.

Can these cuts be made smartly, targeting waste and overspending? Absolutely, but only if the President stops playing scare politics and begins working with Congress to make these reductions in a manner that best protects national defense and domestic priorities.

If the sequester takes full effect, the Nation's budget is still on a path to grow exponentially over the next 10 years. Unless we continue to restrain spending, our $17 trillion national debt will continue to grow, crowding out the Nation's ability to even provide for the most in need.

We have a spending problem, not a revenue problem. More taxes won't solve it, but a little more leadership sure would help.

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