Thursday, April 17, 2008

Washington Must Decrease Spending

Earlier this week, I joined several of my colleagues to offer a piece of legislation that would help to decrease federal spending. The Spending Limit Amendment, which was created by the Republican Study Committee, would limit federal spending each year to the growth of America’s economy, capping spending at 20 percent of the Gross Domestic Product.

I strongly believe that it’s long past time that the overspending in Washington comes to an end. New Jersey’s hardworking taxpayers should not have to bear the burden for the gross misuse of government funds. This year we witnessed the passage of a $683 billion tax increase to pay for Washington’s out-of-control spending habits. America’s middle class and small businesses should not be the ones taking the financial hit.

This legislation would prohibit federal spending from growing faster than nominal GDP, capping it at 20 percent of GDP and require the President’s annual budget submission to have an overall spending total that complies with the spending limit. It would give Congress the authority to enforce and implement this article by appropriate legislation and the ability to waive the limit for any year that a declaration of war is in effect. Also, this bill allows Congress to suspend the limit for any reason with a two-thirds vote of both Houses. The Spending Limit Amendment helps Washington grow up and take responsibility for its actions. When you don’t have money to spend, stop spending; don’t steal from the pockets of our nation’s families.

Rep. Scott Garrett represents the 5th district of New Jersey.