Oversight

09.12.11

Addressing Concerns With 'Paid For' Promise, Sessions Says President Must Submit Debt and Job Plans Together

"The president?s intention to release the details of his spending and deficit reduction plans separately, over a series of weeks, suggests he does not comprehend the debilitating impact America?s debt is having on the economy right now, and casts additional doubt on the president?s sincerity in paying for his latest „stimulus? program." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, remarked today on the president's plan to release separately his… Continue Reading


09.12.11

Sessions Warns That President's New Borrowing Will Weaken Economy

"The president's plan makes a mockery of the recent debt limit deal. That agreement cut $7 billion in appropriations next year but the president now wants to borrow hundreds of billions more to finance a second stimulus package… Saying that something is 'paid for' isn't enough… Borrowing even more to spend immediately in exchange for vague promises of distant future cuts means that we are digging ourselves into a deeper fiscal hole and moving quickly in the wrong direction." WASHI… Continue Reading


08.29.11

By The Numbers: As Senate Democrats Ignore Budget, Debt Surges And Economy Suffers

800 ............. Days since the Democrat Senate has passed a budget resolution $3.2trillion .... Debt accumulated since a budget was last passed $7.3trillion .... Total federal spending over that time $439billion .... Net interest payments over that time 2024 ............. Projected year that Medicare will go bankrupt 2036 ............. Projected year that Social Security will go bankrupt 9.2 ................ Percent of workforce currently unemployed 29 ................. Months that unem… Continue Reading


08.29.11

Should Needed Spending Reductions Be “Balanced” With Tax Hikes?

Tax Hikes Won't Work, Aren't Needed To close this year's $1.4 trillion deficit through tax increases alone, individual and corporate rates would have to more than double overnight. Even if all of the income of those earning more than $1 million were confiscated at a 100 percent marginal rate-with the unlikely assumption that taxpayers wouldn't change their behavior-the federal deficit would still be at levels sharply above historic averages. Even if current tax rates were extended for ever… Continue Reading


08.29.11

Democrats’ Phantom Budget Cuts Less—And Taxes More—Than Advertised

More than 800 days since passing a budget as required by law-and still refusing to even make one public this year-Senate Democrats recently shared a copy of their phantom budget proposal with the Washington Post. Stunningly, they asserted a fifty-fifty split between tax hikes and spending cuts. They claimed a meager $2 trillion spending reduction and a burdensome $2 trillion tax hike. (By contrast, the House GOP budget cuts $6 trillion in excess spending without increasing taxes). But, properly … Continue Reading


08.29.11

Analysis Of The Revised Reid Proposal: Two And A Half Dollars In Debt Increase For Every One Dollar In Cuts

Yesterday, Senate Majority Leader Harry Reid introduced his revised plan to increase the limit on the debt (this time by $2.4 trillion) from the current $14.3 trillion to $16.7 trillion-an amount sufficient to allow the Treasury to continue borrowing to finance our deficits through early 2013. This revised plan is essentially the same as his previous plan - it would allow the Treasury to continue borrowing through the election in November 2012, and it still falls short of matching the amount of … Continue Reading


08.25.11

Fact Sheet On CBO Long-Term Outlook: Worsening Debt Imperils Economy

CBO now projects that debt held by the public would exceed 100 percent GDP by 2021 under current policies (the alternative fiscal scenario). This is a 10 percentage point increase in debt relative to CBO's projections of only one year ago. What's more, debt held by the public is only a fraction of total federal debt, which is nearly 100 percent of GDP already. Economists Rogoff and Reinhart have found gross debt levels above 90 percent of GDP slow economic growth by around one percentage poin… Continue Reading


08.16.11

Issue 1a&b: Sequesters: Now And Then


08.16.11

Sessions: President Fostering Uncertainty, Unpredictability In Economy

"Our nation's total debt has now officially eclipsed the size of our entire economy… but the president continues his call for more failed government 'investments.' We need certainty and predictability, not more experiments in progressive economics." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today in response to the July employment report, which showed the unemployment rate nearly unchanged at 9.1 percent: "Un… Continue Reading


08.16.11

Sessions Opposes Debt Limit Bill: 'Answer is More Accountability, Not Less'

"The new normal in Washington has become panic-driven 11th hour votes in which Members are told to fall into line before pandemonium ensues. This is no way to run the Congress or to run the government… No select committee or secret meeting is going to force the Congress to look in the mirror or to look the American people in the eye." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, made the following statement today after voting in opposition to … Continue Reading


08.16.11

Sessions Reacts To Announcement Of Late-Hour Debt Limit Deal

WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued a statement this evening following the announcement that a deal had been reached to raise the debt ceiling: "I am glad that this matter appears to be on its way to resolution prior to August 2nd. However, I have warned from the very beginning that by shunning our legislative process and Senate heritage we would find ourselves in the 11th hour forced to vote on a bill with little or no time for meani… Continue Reading


08.16.11

Sessions Comments On Possibility Of Last-Minute Debt Deal

WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today regarding the current status of debt negotiations as the Senate awaits a vote on Majority Leader Reid's debt limit proposal: "One thing every American should know: the level of spending cuts currently being discussed is only a small step. It will not change the debt course we are on. The Republican House has passed several measures, including a historic budget, which wo… Continue Reading


08.16.11

Sessions Remarks On Senate Democrats’ Rejection Of House Debt Limit Extension

"If the White House or the Democrat leadership in the Senate had taken the legally required budget process seriously at any point in the last year-if they had presented a single credible plan to cut spending-we wouldn't be here right now in the 11th hour." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following comment today after voting against tabling the House-passed Budget Control Act. The motion to table was agreed to: "I am disappoin… Continue Reading


08.16.11

Budget Committee Republicans Warn Reid Against Attempting End-Run Around Budget Law In Debt Bill

"Had the Senate adopted a budget in a timely manner this year, as the House of Representatives did, we would not be at an impasse on the debt limit increase at the 11th hour…[your] provision would provide a further excuse for avoiding a budget and increase the likelihood the Congressional Budget Act will be violated for a third straight year. This is an abrogation of the responsibilities of the Senate Committee on the Budget and the U.S. Senate." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL)… Continue Reading


08.16.11

Sessions: Reid's Accounting Hoax And Dem Leaders' Budget Law Defiance Has Brought Us To 11th Hour

"If the year had begun with a serious budget proposal from the president, we wouldn't be in this mess right now… Senate Democrats, meanwhile, have refused to pass a budget in 820 days or even present one this year… Democrats defied the law and sound policy all year long and now we are paying the price… There have been suggestions that Republicans are simply unwilling to budge from their position. But the Boehner proposal represents only a small portion of the cuts Republica… Continue Reading


08.16.11

Sessions: Reid Bill Achieves Only One-Third Of Promised Cuts

"As feared, the Majority Leader's bill does not achieve anything close to the promised savings. Given the late hour, rather than rush through poorly-vetted legislation to grant the president the largest debt ceiling increase in history, we should pursue a more reasonable approach: a short-term extension with real cuts during the immediate time period the extension covers… Then, using the extra time, Congress should pursue a binding framework like Cut, Cap, and Balance… We should tr… Continue Reading


08.16.11

Sessions On The President's Call For A 'Balanced' Approach On Debt

WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today in response to President Obama's repeated call for a "balanced" approach to dealing with the nation's looming debt crisis: "The president has repeatedly called for a „balanced? approach to reducing our deficit. But there?s nothing „balanced? about an approach that couples weak spending cuts with dramatic tax hikes. There?s nothing balanced about the presiden… Continue Reading


08.16.11

Sessions Responds To Democrat Deficit Myths, Calls For Honesty In Facing Debt Crisis

"We can't have an honest budget if we don't have an honest dialogue. So I'm here today to speak the plain truth, as best I can, and to provide some concrete facts for consideration… Democrats have said-although no plan has ever been made public-that they could get behind a budget deal that reduces the deficit $4 trillion over the next ten years, half of it comprised of spending cuts. I'm skeptical that even this minimal level of spending cuts would occur. But even if it did, it's not eve… Continue Reading


08.16.11

Sessions Comments On Reid’s Debt Plan

"Majority Leader Reid's plan dramatically overstates the spending restraint it achieves, using Washington math that has been the cause of our surging debt… This proposal would mean that total spending over ten years would still be increased, not reduced. I am not impressed." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today in response to the debt-limit increase proposal that Majority Leader Harry Reid introduce… Continue Reading


08.16.11

Following Cut, Cap, Balance Vote, Sessions Challenges Democrat Leaders To Finally Present Plan Of Their Own

"It is likely the president and the Democrat Senate, who control the levers of power in Washington, will continue to resist the spending cuts we need to restore fiscal balance… It's time for those who oppose Cut, Cap, and Balance to bring forward their alternative. The media, the public, and lawmakers should demand it." WASHINGTON-U.S. Sen. Jeff Sessions (R-AL), Ranking Member of the Senate Budget Committee, issued the following statement today after a vote on tabling the motion to proce… Continue Reading

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