Congressman Jim Bridenstine Speaks in Support of a Balanced Budget
FOR IMMEDIATE RELEASE
Jim Bridenstine made his first speech on the floor of the US House of Representatives today. He asked the President to present a budget that balances within ten years.
Bridenstine made the point that continued trillion dollar deficits for the foreseeable future harm seniors, the poor, and middle income families. He explained how deficit spending financed by the Fed creating new money to buy Treasury bonds holds interest rates artificially low, harming seniors living on their savings. New money also drives up prices, disproportionately harming the poor, as well as seniors and middle income families.
The Oklahoma freshman Congressman spoke in support of The Require a PLAN Act, directing the President to either submit a budget that balances within the next decade or tell Congress when it will balance. The bill directs the President, if his budget for Fiscal Year 2014 results in a projected deficit in every fiscal year projected, to submit by April 1, 2013, a supplemental unified budget that specifies when the budget will balance.
The President is required by law to submit a budget to Congress on the first Monday in February. Mr. Obama has submitted a budget only once during his first term, and it was 98 days late. The White House announced on Monday that they would miss the deadline again and offered no date when a budget would be proposed.
The bill passed 253 to 167.
Read H.R. 444 here.
Mr. Bridenstine’s remarks:
Mr. Speaker, I rise today to support H.R. 444, The Require a PLAN Act. It is perfectly appropriate for the President to present a budget that balances within 10 years. If he does not, this bill would require him to tell us when his budget will balance.
Trillion dollar deficits for the foreseeable future are harming seniors, the poor, and middle income families struggling to make ends meet.
Here’s how: Our deficits are financed by treasury bonds, most of which are being purchased by the Fed with newly created money. This drives up the price of bonds and keeps interest rates artificially low. Seniors on fixed incomes who have saved their whole lives now cannot make a fair interest on their savings.
In addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices, which has a disproportionate adverse effect on seniors, the poor, and middle income families.
Creating money out of thin air to fund the President’s spending must stop. The first step is to stop the reckless spending by having the President present a plan to balance the budget. This is a simple request with no reasonable excuse for opposition.
I rise today to support H.R. 444, The Require a PLAN Act, to protect our seniors, the poor, and middle income families.