Hoyos supports meeting Budget Control Act goals
(Knoxville, TN) As the House of Representatives returns to debate spending bills after a six-week vacation, Renee Hoyos is encouraging Congress to meet the constraints of the Budget Control Act of 2011, which was designed to limit spending growth and move toward more balanced spending.
“Congress cannot continue to raise spending caps and expect the national debt will magically be reduced. The Budget Control Act provided guidelines for spending, but in recent years this Congress has repeatedly voted to violate those limitations. As it considers spending bills for the next fiscal year, Congress should honor those limits,” stated Hoyos.
The Budget Control Act of 2011 was enacted to limit spending growth and require ‘paygo’ provisions, in which new programs are paid for within existing budget allocations. Targets were established for each fiscal year through 2021. Last spring the Congress and president acted to increase those constraints by more than $300 billion in deficit spending.
Added Hoyos, “The Budget Control Act was not perfect, but it created a roadmap to reduce projected spending. We now pay more than 15% of discretionary spending just to finance the national debt. Going forward, fiscal restraint is necessary to protect the domestic programs that so many Americans support.”
Maya MacGuineas, President of the Center for a Responsible Federal Budget, made this point clearly, “Over the next decade, we’ll spend around $7 trillion — $55,000 per household — just servicing our debt. That’s hardly the best use of our scarce tax revenue.”
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