Hensarling Statement on the 40th Anniversary of the Congressional Budget and Impoundment Control Act

Statement

U.S. Congressman Jeb Hensarling (TX-05), a leading conservative and Chairman of the House Financial Services Committee, issued the following statement marking the 40th anniversary of the Congressional Budget and Impoundment Control Act of 1974 becoming law on July 12th, 1974:

"This year marks the 40th anniversary of the Congressional Budget Act being signed into law. Unfortunately, this is not a milestone to be celebrated because our nation's budget process is broken and badly in need of an update. Out of control spending is the cause of our nation's $17 trillion-plus debt. However the unrealistic budget process has enabled past Congresses to indulge in overspending while lurching from fiscal crisis to fiscal crisis, unable to tackle the real drivers of our nation's looming debt crisis -- our federal entitlement programs.

"Reforming the broken budget process is something that I've worked on since first coming to Congress. I'm pleased that the budget process reform legislation that I introduced with now-House Budget Committee Chairman Paul Ryan forms the basis upon which the House Republican budget process reform agenda is built. However, Senate Democrats refuse to work with House Republicans to bring our nation's budget process into the 21st Century. While we have made some progress in the House of Representatives in returning the appropriations process to regular order, the current budget process remains hopelessly broken and American taxpayers deserve better.

Source