Today, U.S. Representative Jim Renacci (OH-16) released the following statement on H.R. 325, "The No Budget, No Pay Act," a bill to ensure the complete and timely payment of the obligations of the federal government until May 19, 2013:
"Over the last four years, the federal government has racked up more than $5 trillion in debt. That is a staggering increase of almost 50 percent in less than half a decade. It is no coincidence that the Senate has failed to pass a budget over that same time period. Without setting limits on federal spending, it should surprise no one that massive yearly deficits have become the new normal. By contrast, in the last two years the House of Representatives has passed budget resolutions that not only lead to a balanced budget, they would actually begin to pay down our more than $16 trillion in total debt.
"Today, the House has agreed to raise the debt ceiling for three months -- avoiding a damaging default -- with our only ask being that the Senate finally fulfill its constitutional duty to pass a budget. If they choose not to follow the House's lead and do their job, they will not get paid. It's a simple concept and one just about every working American can relate to. This is by no means a cure-all for our broken national finances. But it is a solid step toward bringing fiscal responsibility back to our nation's capital."
Rep. Renacci is serving his second term in the U.S. House of Representatives, where he is a member of the Financial Services Committee and the Budget 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.