This week, Congress is considering the Continuing Resolution (CR). This is a temporary funding bill to fund the federal government until the end of the current Fiscal Year. The previous leadership in the last Congress failed to pass any of the regular appropriations bills necessary to fund the federal government, requiring them to pass temporary extensions to allow the government to continue functioning. Please note: the CR is NOT the same thing as the President’s FY 2012 budget proposal that is also in the news this week.
The final vote on the Continuing Resolution is scheduled for Thursday. It will cut at least $100 billion in spending, bringing federal spending for the rest of this fiscal year back to FY2008 levels.
Without these spending reductions, our economy cannot grow and businesses will not be able to create jobs. These steps to cut spending– however uncomfortable – are absolutely necessary. Cutting spending will remove barriers to job creation and grow the economy in both the short and long term. Remember, government spending today equals higher taxes tomorrow. The more the government borrows, spends and regulates, the harder it is for business to access capital and create jobs. Passing this Continuing Resolution is fulfilling a commitment to the American people to roll back spending and get our fiscal house in order.
Press release, Washington DC, 2/15/11