Lungren: "We Must Move in a New Direction If We Are to Put Americans Back to Work."

Statement

Today, Congressman Dan Lungren (R-Gold River-CA) voted in favor of the Budget Control Act of 2011. Following the vote, Congressman Lungren provided the following statement:

"The unprecedented amount of debt we are incurring on a daily basis is mind numbing. We are borrowing approximately 40 cents of every dollar the government spends and passing onto future generations the burden of this growing mountain of debt. Do we want to follow the European experience with greater reliance on government? This means higher taxes. We know from the experience of Herbert Hoover that the answer to our jobless situation is not to raise taxes when our economy remains so fragile. The way to create jobs is to unleash the ingenuity, creativity, and risk taking of American entrepreneurs.

"A future laden with growing government debt and future taxes to pay off the government credit card creates uncertainty that undermines savings, investment and job creation. In this regard, the National Commission on Fiscal Responsibility and Reform made the following observation:

"By making it more expensive for entrepreneurs and businesses to raise capital, innovate, and create jobs, rising debt could reduce per-capita GDP, each American's share of the nation's economy, by as much as 15 percent by 2035."

"Government debt obscures the future economic climate and creates uncertainty in the economy which stifles investment, impedes economic growth and kills job creation. Our objective should be to grow the private economy and not the size of government.

"It is important to note that the Budget Control Act which I supported was designed with the specific objective of reducing the burden of government and taxes on the private economy and job growth.

"Despite White House calls for new tax increases, the House leadership kept their focus on the right target--reducing the burden of federal spending on the real economy. Reducing deficits is a critical prerequisite to reallocating the flow of investment from government borrowing to investment and job creation. We must move in a new direction if we are to put Americans back to work.

"The phone calls to my office have been numerous, passionate and sincere. I always appreciated hearing from the people I represent. Despite party affiliation, we can all agree that our objective should be to ensure we take the steps necessary to address our fiscal situation in a way that will promote job creation and remain faithful to our obligation to protect future generations from this crushing debt burden."

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