NSP Termination Act

Floor Speech

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Mr. CANTOR. I thank the gentlelady.

Mr. Chairman from day one, the majority of this Congress promised the American people that we would focus like a laser on producing results. And over the past 2 months, we have already begun to deliver on that promise by upending the culture of spending that prevailed in Washington and replace it with a culture of savings. The most important thing government can do right now is to create an environment that fosters opportunity for people. But if you talk to the small businesses and entrepreneurs who create jobs, they will tell you that the explosion of government debt is threatening their ability to innovate and compete. Unless we move swiftly to change course, our economy will be consumed by fears of future tax increases, inflation, and higher borrowing costs. That's why our majority is dedicated to our cut-and-grow agenda, cutting spending and job-destroying regulations and growing private sector jobs in the economy.

Yesterday we took another significant step toward returning spending to 2008 levels. Today we offer Members a chance through the YouCut program to cut an additional $1 billion in waste. This legislation, endorsed by millions of voters in the YouCut program, would terminate the Neighborhood Stabilization Program, a pot of money, as the other side will tell you, that enables State and local governments to buy and rehabilitate foreclosed homes. Instead of benefiting at-risk homeowners facing foreclosure, however, this program may instead create perverse incentives for banks and other lenders to foreclose on troubled borrowers. The people's House is drawing a firm line in the sand against wasteful spending and inefficient government programs, and I urge my colleague the to support this legislation.

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