Dr. Boozman's Check-up
The House of Representatives has sent two pieces of legislation for Senate consideration that achieves the goals of significant reductions in spending to honor our financial obligations and puts us on the path to fiscal responsibility. Unfortunately, the Senate has refused to even debate the bills.
Now, at the 11th hour Senate Majority Leader Harry Reid has introduced his own legislation to address our nation’s debt crisis. This plan falsely claims to reduce spending by $2.2 trillion when it only reduces spending by the $1 trillion amount of the Boehner bill that was approved by the House and tabled by the Senate yesterday.
The Reid plan would seek to raise the debt limit by a record $2.4 trillion, about three times the $900 billion increase passed by the House, and three times the amount of spending that it cuts.
What’s worse, the Reid plan is an opening for takes hikes. Read the story in the Daily Caller that details the gimmicks accounting for tax increases.
Jul 29 2011
Revised figures show our economic growth expanded at a slower-than-expected 1.3% pace during the first quarter of the year. The President claimed that his “Stimulus” would foster economic growth. The recent jobs figures and now the revised first quarter GDP data paint a different picture. The President’s “Big Government” policies will not create jobs. Let’s pursue a real job creation agenda, one which spurs the private sector instead of wastefully adding to our already out-of-control national debt.
Jul 27 2011
This plan is a far better solution than the one you have floated, Sen. Reid. Why not let us have a real debate on it?
Jul 25 2011
We started a new video segment this week entitled "From the Mailbag", where I sat down and answered a couple of constituent letters about the debt ceiling, "Cut, Cap & Balance Act" and the President's decision to withdraw troops from Afghanistan.
Jul 22 2011
For the first five months of the year, Arkansas's unemployment rate held steady below 8%. Not so anymore. The June jobs report for Arkansas shows the number of unemployed in the Natural State has risen to 8.1%, a 24-year high.
This mirrors the trend with the national numbers. It's not a good sign.
If you take the wrong direction, our numbers go the wrong direction. Let's change course, Mr. President.
Living in Arkansas we’re no strangers to severe weather. But when things turn dangerous and deadly we expect the help necessary to rebuild and recover from the losses left from Mother Nature.
Arkansas has no doubt experienced more than its share of storms, floods and tornadoes in 2011, forcing the state to rely more on federal assistance. In every instance the Arkansas Congressional Delegation has supported the Governor’s request for aid in letters to the President and to the Federal Emergency Management Agency (FEMA) Administrator.
After resubmitting a disaster declaration request for Franklin and Johnson Counties, FEMA determined individuals in Franklin and Johnson Counties can apply for and receive federal disaster assistance.
The disaster recovery centers are closing at the end of the week in these counties so if you or someone you know needs to register for aid please call 1-800-621-FEMA or go to the recovery centers. To read more information about this click here.
Jul 19 2011
One of the ways we recognize our veterans for their service and sacrifice is to award them medals they earned during their time in uniform, but did not receive while serving. That is due in part to the dedication of retired Lt. Col. Steve Gray who laid the groundwork for this outstanding constituent service. Steve goes above and beyond to address the needs of the veteran community. His work was recognized by the Times Record after a reporter attended one of Steve’s medal presentations. “If a medal were given for giving out medals, retired Air Force Lt. Col. Stephen Gray would undoubtedly earn one,” Rusty Garrett wrote in The Times Record. You can read about Steve’s medal presentations at The Times Record.
Our main focus right now is reducing our debt and this begins with reducing spending and putting in place a mechanism, like a Balanced Budget Amendment, that will prevent overspending in the future.
We borrow money from foreign governments like China who own more than $1.1 trillion of U.S. debt. This year alone, the federal government will spend $3.7 trillion while only collecting $2.2 trillion. This is unsustainable. We cannot afford to continue down this path.
We’re working to reach an agreement on how to get us on the path to fiscal responsibility. Listen to my latest interview with KUAR on what we’re doing to put us on the right course.
Jul 14 2011
One day after Moody's Investors Service said it will begin a review of our government's credit rating, a senior Vice President at the global credit rating powerhouse said that if the U.S. government misses a debt payment, our sovereign rating “could be cut the next day.”
From the Wall Street Journal (Subscription required):
One such scenario Mr. Hess envisions--if the U.S. misses a debt payment--would be downgrading the country by one notch the day after a payment was missed and keeping the rating on review for an additional potential downgrade.
That review would give Moody's Investors Service time to look at the potential long-term effects on U.S. Treasury debt. Long-term questions include the speed at which the initial missed payments were made up; the effect a missed payment has on future borrowing costs; and any regulatory changes implemented to avoid future defaults.
I added the emphasis to the end to highlight the fact that Moody’s—and the other big international credit rating agencies—are looking for the U.S. to not only raise the debt ceiling, but enact long-term solutions to our financial problem. This is why I continue to work toward an agreement that includes significant cuts and a spending cap mechanism (such as a balanced budget amendment) to prevent us from having to raise the limit once again.
We got into this mess by spending money; we can’t fix the problem unless we cut spending. Let’s get to work reining in the reckless spending and putting our nation back on a fiscally responsible path.