Today, I introduced a bill (H.R. 504), along with my colleagues Representatives Steve Chabot (OH-01), Randy Hultgren (IL-14), David McKinley (WV-1), and Glen "GT' Thompson (PA-5), that will reduce the amount of money the federal government spends by at least $10 billion. Our bill will identify savings by eliminating duplicative and inefficient federal programs using the Government Accountability Office's (GAO) 2011 report and 2012 report.
The federal government has a serious federal spending problem which has led to an unsustainable level of debt. We spend $10 billion dollars a day and $4 billion of that is borrowed from countries like China. Our annual income is $2.345 trillion, and 93.3% of that is automatically spent to pay for mandatory spending programs like Medicare and Social Security and interest on the national debt. After these obligations are met, we are left with only enough money to fund the federal government for 16.2 days. The rest of the year is funded with borrowed money. It is time to consider long-term solutions.
Now is the time to take serious action to reduce our spending and national debt. This bill is a step in the right direction.