We received the following release from Congresswoman Loretta Sanchez.
WASHINGTON, D.C. â€“ Congresswoman Loretta Sanchez (CA-47) cosponsored a critical budgetary reform bill that will help restore fiscal discipline in government. H.R. 4871, the Spending Reduction Act, would reinstate discretionary spending caps to cut federal spending by over $400 billion over the next ten years. These caps would not necessitate any cuts from any agencies or programs, but rather force a much-needed prioritization of our limited resources.
â€œOut-of-control discretionary spending threatens to cripple Americaâ€™s economy and saddle future generations of Americans with mountains of debt,â€ said Rep. Sanchez. â€œOrange County families have been forced to make tough financial decisions, and itâ€™s time for Congress to do the same. Discretionary spending caps will be an important tool in our fight to restore fiscal discipline in government.â€
Introduced by fellow Blue Dog Reps. Frank Kratovil and Travis Childers, H.R. 4871 would cut non-security discretionary spending by 2% for each of the next three years and freeze spending levels for the subsequent two years. This discretionary spending cap would force Congress to prioritize our limited resources and make the tough year-to-year decisions necessary for restore balance to the federal budget.
Discretionary spending caps have a proven track record of controlling government spending and reducing the deficit. In the 1990s, under bipartisan agreements, Congress used discretionary spending caps to produce four balanced budgets. But since these caps were allowed to expire in 2002, discretionary spending has skyrocketed from $610 billion in 2000 to over $1.2 trillion in 2009. Together with the recently restored statutory PAYGO law, H.R. 4871 would take concrete action to address our growing deficit and provide fiscal conservatives like Rep. Sanchez with effective budgetary enforcement tools.