I GRIPED ABOUT RAISING THE DEBT.
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Dear Mr. Reinke:
Thank you for contacting me to express your concern for raising the debt limit of the federal government. Your opinion is very important to me, and I welcome the opportunity to respond to you on this issue.
As a member of the Senate Budget Committee, as well as the Senate Finance Committee, I share your concern about the long-term financial health and viability of our nation. The Office of Management and Budget (OMB), the Congressional Budget Office (CBO), and the Government Accountability Office (GAO) have all agreed that over the long-term, the federal budget will continue down an unsustainable path if there are no changes to address current federal fiscal policies. It is critical, then, that our short and long-term fiscal policies address the large increase in our national deficit.
I understand your anger, anxiety and frustration as the economy continues to recover. We have emerged from a year in which the threat of a second Depression forced the need for recovery programs, which both conservative and liberal economists have credited with helping to keep our economy afloat. It is important to note how detrimental it would be if the United States defaulted on its debt- it would undermine our nation’s credit worthiness, badly weaken our economy and put Social Security and veteran’s benefits at risk. It is also important to note that increasing the debt limit does not authorize a single penny of new spending- it only allows the government to pay bills already incurred.
Throughout my tenure in Congress I have supported provisions that would bring down our deficit. You will be pleased to know that I voted in favor of Senate Amendment #3305 to House Joint Resolution 45, increasing the statutory limit on the public debt. The amendment will re-impose the statutory pay-as-you-go (PAYGO) budget rules. Under PAYGO, legislation that increases direct spending or reduces revenues must be fully offset, to avoid increasing the deficit. Additionally, I voted for Senate Amendment #3302 – which did not pass- would have created a Bipartisan Task Force for Responsible Action. I am encouraged that the President has signed an executive order creating the National Commission on Fiscal Responsibility and Reform. This is an important step in finding solutions to combat the national deficit.
During such difficult economic times it is vital that we make sound and solid investments that will stimulate the economy. Please be assured that I stand committed to working with my colleagues in the Senate to ensure that we make sound fiscal policy that invests in our future and gets our economy moving again so that we can establish a financially secure future for our nation’s children.
Again, thank you for sharing your thoughts with me. Please do not hesitate to contact me if I may be of more assistance. I invite you to visit my website (http://menendez.senate.gov) to learn of other important issues to New Jersey.
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AND, the bozo says I’ll be pleased cause when he voted to approve it, he put some “lipstick” on!
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