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|No Super Committee Agreement|
|News Releases - General Info|
|Written by Grassley Press|
|Tuesday, 22 November 2011 16:15|
Senator Chuck Grassley made the following comment about the Joint Select Committee on Deficit Reduction not reaching agreement on a ten-year proposal for at least $1.2 trillion in deficit reduction by November 23.
Senator Grassley submitted specific recommendations to the committee for spending reductions totaling hundreds of millions to even billions of dollars from administrative restructuring, reduction of duplicative and overlapping programs, and unnecessary and wasteful programs under the authority and jurisdiction of the Senate Committee on the Judiciary, where he serves as Ranking Member. He also made recommendations to the committee for the Grassley-Kohl legislation which would save $4.8 billion in federal government spending on prescription drugs, including through Medicare and Medicaid, by stopping deals between name-brand and generic drug makers that keep less expensive drugs off the market. Senator Grassley urged the committee to adopt caps on farm payments, for a savings of $1.5 billion, and he backed a goal of saving $23 billion in spending from programs that fall under the jurisdiction of the Senate Committee on Agriculture.
“Even though I didn’t vote for the bill that created the super committee, I hoped it would succeed in reducing government spending and signal that Washington is serious about getting our fiscal house in order. During the last two years alone, federal spending has increased 22 percent, not even counting the failed $800 billion stimulus program. Out-of-control deficit spending and a $15 trillion national debt inhibit the ability of the economy to grow and create private-sector jobs. It’s a moral issue, too, because it’s wrong to leave a legacy of debt for the next generation.
“Going forward, entitlement reforms are needed not only for the federal budget, but also to sustain the programs themselves, and Congress and the President need to stay focused on reducing spending. Tax increases aren’t the solution because we know that money from tax increases isn’t used to reduce the deficit. For the last 65 years, every new dollar in tax increases has resulted in Congress’ spending $1.17.
“The President should have been engaged and at least have offered a credible deficit reduction plan. In addition, the majority leadership of the Senate continues to do nothing about the budget challenges, despite the urgency.”
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