Legislative Branch Appropriations Act, 2017--Motion to Proceed

Floor Speech

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Mrs. FISCHER. Mr. President, I rise today to call attention to a very troubling issue, and we hear about it often. Sadly, there is a lack of leadership from the executive branch with regard to it. I am talking about the state of the American economy. Many families across Nebraska and across our Nation are worried. Whether they are hardworking parents trying to make ends meet or grandparents who are concerned about their grandchildren's future, there is no shortage of anxiety.

As many of my colleagues have pointed out, the economy is not recovering quickly enough. In fact, we are slogging through the slowest economic recovery since the 1960s. By way of reference, in 1961 Kennedy was President, a gallon of gas cost 31 cents, and Roy Orbison was in Billboard's top five.

In every economic recovery since that time, the American economy grew an average of 3.7 percent per year. Since 2009, however, this growth has averaged a mere 2.1 percent per year. This year, it slowed to just 1 percent. Last quarter, the economy grew by a pitiful 1.2 percent. Again, things are not getting better quickly enough.

There are some real obstacles before us. The share of Americans in the workforce has fallen below 63 percent. That is nearly three percentage points below where we were when the recovery began. Another concern is the growing number of expensive and burdensome regulations. Rulemaking under the Obama administration has skyrocketed. Federal regulations cost an estimated $1.9 trillion per year. That is more than $15,000 for each American household. These figures are worrisome.

Here is one that should truly be frightening for us. At the same time, we have seen our national debt reach a staggering $19.5 trillion. Just last year, the United States spent $223 billion, or 6 percent of the Federal budget, to pay interest on that national debt. This year, the nonpartisan Congressional Budget Office estimates that our deficit will be $590 billion. This means that we are going to be spending almost $600 billion more than we take in.

If we don't change course, the CBO estimates that these deficits are going to skyrocket over the next decade, reaching $1 trillion in 2024, and they will only continue to grow from there. These numbers paint us a very dark picture, but I do have some good news. There is still time for us to change course. In fact, this body has taken several good steps.

Since taking office, I have worked with my colleagues to reduce some wasteful spending and some burdensome regulations. In 2015, I introduced the Grants Oversight and New Efficiency Act, or the GONE Act. This bill, which was signed into law in January, will save millions of dollars by closing expired grant accounts and increasing oversight over Federal grant programs.

I have also introduced and pushed for votes on several waste-cutting amendments during the appropriations process, including one to wind down an outdated and ineffective stimulus-era program. These are good steps, and here are a few others. We passed a highway bill, which will provide much needed certainty for States, businesses, families, and the traveling public. By prioritizing our infrastructure, we are investing in our economy's ability to grow.

In the same vein, last week, we passed the Water Resources Development Act. This is another key infrastructure bill that will enable our economy to grow by modernizing our ports and our waterways. So we do have tools available for us to meet these fiscal challenges.

We have to exercise restraint, and we have to exercise that restraint among ourselves. The appropriations process is a critical way for us to do this. It is the only way that our citizens can truly hold their elected representatives accountable for this spending. It allows the American people to see the true priorities of their elected representatives.

There is one last point before I close. Reducing the national debt does not mean that we stop investing. It simply forces us to make smarter choices. Some things we need to prioritize, and we know what those are. We need to keep our families and our communities safe. We must invest in infrastructure to promote commerce and grow this economy. We must reduce wasteful spending and prioritize prudent spending. We must reduce the national debt. We must get government out of the way so opportunities can be created for our families and for our young people, but we have to be responsible stewards of taxpayer money. We must make those responsible choices.

I believe that our very best days as a nation are before us, and that is because of my unwavering faith in the fundamental goodness, tenacity, and the creativity of the American people.

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