Chairman Hill: This Committee Will Do Its Part To Reduce The Deficit And Decrease Direct Spending
Washington,
April 30, 2025
Today, House Financial Services Committee Chairman French Hill (AR-02) delivered the following statement, as prepared for delivery, at today's reconciliation markup. Watch Chairman Hill’s opening remarks here. "Today, we are undertaking the work assigned to us under the budget resolution that Congress adopted earlier this month. "The resolution asks us to find cost savings across our jurisdiction of no less than $1 billion dollars. "If the past is prologue, we are going to be together for a while today. "It is my hope that we can move through today as expeditiously as possible "But, no matter how long it takes, we must remember why we are here. "In a little over 8 months, Americans are facing a looming tax increase. This is an irrefutable fact. "If Congress fails to act, the Tax Cut and Jobs Act will expire. When it expires, tens of millions of Americans – 62% of tax filers according to a recent study – will see their tax payments increase and their take home pay decrease. "In order to do this, Congress has assessed the fiscal position of our nation and found it wanting. "As of today, we are $37 trillion in debt and paying billions of dollars in interest each day on that debt. "In 2025, we will spend almost a trillion dollars on total interest. These are indisputable facts. "If Congress fails to act, our debt will continue to grow exponentially and spiral out of our control. "For too long, government spending has been on a one-way ratchet. "At every opportunity, Congress has failed to make the tough choices to manage our debt and get our fiscal house in order. "For as long as I can remember, Members of Congress have talked about managing the nation’s fiscal situation so that they could pass off a healthy nation for their 'children and grandchildren.' "I have some bad news; the kids grew up and they are us. The crisis is no longer theoretical, off in some distant future. "Past Congresses failed to make the tough decisions, and so now the crisis is here, confronting they very Americans they failed to help. "While almost every lawmaker bears some responsibility for our present predicament, the reckless, wasteful spending of the Biden-Harris administration was a tipping point. "Post-COVID, we had an opportunity to rein in federal spending and promote pro-growth policies. "Instead, the previous administration believed it was the heir to FDR’s legacy and piled trillions of dollars of spending and debt onto the public ledgers. "They did this, ironically, perhaps, by using the very same process we’re using today to try to undo the damage – reconciliation. "So, we are here today to finally do the difficult work of extricating our nation from this fiscal predicament. "This Committee will do its part to reduce the deficit and decrease direct spending, so that Congress can enact pro-growth tax policies. I am eager to get to work and finally tackle these issues. "And remember, today, we are here with one purpose, to do our part to put our nation back on a responsible fiscal trajectory." |