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January 8, 2016
Dealing With The Debt
The debt is always a focus in our Republican-led work. In 2010 through 2014 with Republicans in the House majority, we have effectively decreased discretionary spending with greater cuts than President Reagan or under the Gingrich Speakership, when we last had a balanced budget.That's pretty remarkable, given the status of the White house and the lack of the previous real – or now functional majority in the Senate.
Discretionary spending has fallen from 9.1% of GDP to 6.5%. This is a foretaste of what will be accomplished with a future Republican in the White House, and a functional Republican majority in the Senate. Spending did increase in 2016, although without adding to the deficit or debt. The rationale was the ever clear and present threats from Iran, ISIS and Russia, all inspired by the decimation of our military readiness.
The spending increase was a partial restoration of mostly military/security funding that was fully paid for through new, non-tax revenue. No new borrowing was required to fund this spending.
The real debt driver is mandatory spending. This has been called the "3rd rail" of politics, but I am proud House Republicans have made contact, and accomplished the first reforms in mandatory spending reduction, spending 2.9 trillion dollars over the next decade.
Much work remains, but we must elect a Republican President in 2016, and maintain the majority in the Senate to fully succeed.
We sent to the President's desk today the repeal of Obamacare that has been scored to reduce the federal deficit by more than half a trillion dollars. While President Obama may veto this, we will attempt an override to put the Democrat's on record with their votes, and make the case for a Republican President.
Happy New Years!
Glenn 'GT' Thompson
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