June 6, 2012
I thank the Chairwoman for yielding, and I congratulate her, Ranking Member Serrano, and the entire Subcommittee and its staff on producing a strong Financial Services and General Government Appropriations bill for Fiscal Year 2013.
Unquestionably, the fiscal situation confronting our nation is of the utmost importance to our national and economic security. The unsustainable trajectory of federal spending in recent years has left us in a precarious situation. With our debt-to-GDP ratio at a startling 100%, it is becoming even more abundantly clear that we cannot spend our way out of continuing economic woes.
In the last couple of weeks, we have seen major indicators of economic activity flat line, unemployment tick back up to 8.2% on weak jobs numbers, and stock markets plunge on concerns about growth and mounting debts around the world. We must act now to rein in deficits and reduce onerous regulations if we are to return to an economic climate where businesses small and large can flourish and put the American people back to work. The bill before us reflects the commitment of this Subcommittee, the whole Appropriations Committee, and the full House of Representatives to creating the foundation for a strong recovery by prioritizing key programs and rolling back unnecessary spending and regulatory burdens.
This bill increases funding for the Treasury Department’s antiterrorism and financial intelligence activities to strengthen our sanctions, such as those against Iran, and to fight against international crime, narcotics, and terrorism syndicates. It also continues vital forms of government assistance for entrepreneurs and small businesses for investment and job creation, such as the Small Business Administration.
Where necessary, we have cut funding for ineffective and unproven programs. At this time of monumental deficits and skyrocketing debt, we cannot afford to let taxpayer dollars slip through the cracks. In addition, important provisions are included to prevent government overreach in a variety of areas.
I urge that the subcommittee promptly report this bill to the full Committee.