Statement Of Congressman Michael N. Castle

Statement

Statement Of Congressman Michael N. Castle

n listening to President Obama's State of the Union Address tonight, I am optimistic that this Administration, with the cooperation of Congress, can change course for the benefit of the nation. The President is correct to try and change the focus of Washington towards job creation and boosting the middle class while turning away from excessive spending. With these shared goals, comes a responsibility to work together in order to actually develop and pass policies that can turn our economy around, and improve the financial security of all Americans. This blueprint for 2010 should be fulfilled in a bipartisan, transparent way that puts people before politics.

Delawareans have made sacrifices in the face of this economic downturn and they expect Washington to do the same. The President has proposed a budget freeze for certain domestic discretionary programs and I commend him for this first step in the right direction. To ensure taxpayer dollars are spent well, no program should be exempt from review. It remains to be seen if Congressional leaders have the courage to put the President's proposal on the Floor for a vote, or if the President will veto the spending bills that go over the limits he has set. I worry that many in Congress do not have the political will to take even the small step he has proposed.

In his call for a new jobs bill, I agree with a straightforward proposal to energize and instill confidence in small businesses, and to help expand access to credit. Yet Congress to date has taken good ideas and added millions in unrelated spending on special programs and projects. I also agree with laying the foundation for long-term economic growth, and see opportunities for the U.S. and Delaware to be a leader around the globe in clean energy and medical technology. I would like to see us send the President individual, targeted proposals to promote economic growth--not a big package that is bogged down with pork and giveaways in order to attract every member's vote. Educating our young people is also key for economic prosperity, and I support the new proposals outlined by the President to both help Americans succeed as young students and improve the accessibility and affordability of a college education, but again urge for passage of incremental and targeted initiatives.

Over the last year, the American people have been loud and clear in their demands that health care reform must lower costs while improving access and quality. It is, however, clear that there is little public support for legislation that overreaches or that caters to special interests. Congress must begin anew in crafting legislation, and we must move forward and implement policies that enjoy broad support and that are aimed to reduce health care costs for all Americans. Collaboration and compromise with both parties is the best way to write legislation. We have not seen that approach from this Administration on health care, or any other issue over the past year, and I hope we will see a different approach in 2010.

I was first in the House to introduce legislation to implement a systemic risk regulator to monitor the entire financial system and mitigate systemic risks. While I agree with the President that expanded consumer protections, hedge funds transparency, regulation of over-the-counter derivatives, and reform the credit ratings system are important, it is also vital to ensure that taxpayers no longer foot the bill for Wall Street's mistakes and we don't continue to throw good money after bad. Coupled with this is the need to review the expenditures of the Federal Reserve to immediately impose greater transparency and accountability.

The role of the federal government must be to help foster opportunities for American families. We must be innovative without creating new cost and oversight burdens the federal government cannot afford. In addition to spending restraint, Congress can take immediate steps to encourage small business growth, reinvigorate manufacturing, support infrastructure, and spur innovation--without adding unrelated spending.

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