In the last two weeks Congress missed two key opportunities to address our mounting debt, restore fiscal discipline and start rebuilding our nation’s economy.
With the defeat of the Balanced Budget Amendment in the House, Americans lost their best hope to restore lasting fiscal restraint to the federal government. Passing a Balanced Budget Amendment would have been a clear sign that Congress is focused on rebuilding confidence in the Federal Government and putting Americans back to work. Balancing the federal budget would have been a boost to job-creating entrepreneurs who would no longer be forced to worry about the uncertainty that our national debt now poses.
Congress failed to muster the political will needed to pass a Balanced Budget Amendment.
Just last week the country learned that the Joint Select Committee on Deficit Reduction, or Super Committee, failed to reach an agreement to significantly reduce our national debt. The Super Committee had a real hope to prove that Republicans and Democrats could put partisan differences aside and work together for the good of the country. Unfortunately, the committee’s failure showed Washington at its worst. Political bickering and partisan grandstanding will not move our country forward.
The Super Committee botched a tremendous opportunity to prove that Congress can still accomplish great things.
To add insult to injury, Fitch Ratings has now given the United State Government a negative outlook for its credit rating. Fitch cited the lack of a credible plan to address the national deficit as reasoning for putting the United States on watch. Losing our nation’s AAA credit rating would be a signal to global markets that the United States is incapable reducing our debt and meeting our financial obligations.
People from all corners of the First District have told me that they are tired of Washington’s inability to fix the debt crisis. I share your frustrations. Americans deserve a Congress that is focused on producing thoughtful legislation, not a Congress focused on the politics of the next election. Members of both political parties were sent to Washington to govern, not play games with our nation’s economy. Republicans and Democrats need to work together to produce solutions that will establish fiscal disciple and put America on the road to financial well-being.