Sen. Dan Coats (R-Ind.) office was proud to announce today that in a study released by the National Taxpayers Union Foundation, he was one of 17 members in the Senate to propose legislation during the First Session of the 113th Congress that would decrease spending and save taxpayers money. His bills, if enacted, would've cut from the federal budget, a net of $101.4 billion. Senator Coats, Senior Senate Republican on the Joint Economic Committee, revealed yesterday that in a new report released by the Congressional Budget Office, more evidence was shown that real debt-reduction was needed to address the never-ending federal spending. To add to the problem CBO expects increase interest rates on the debt will rise in years to come, upping the deficit; plus Social Security, Medicare, Medicaid, Affordable Health Care and other government major health programs is projected to rise significantly; rising to the total of 14% of the budget by 2039. Between 2015 and 2024 deficit will total to around $7.6 trillion. The CBO has projected that the federal debt today is 74% of the economy and will rise to 111% by 2039.
“Making tough fiscal choices is the only way to stabilize the nation’s long-term financial future,” said Coats. “I believe the American people will rally around elected officials if we demonstrate that we are willing to do what is right. I do not want to leave a legacy of crushing debt to my grandchildren. We must make tough choices now, not pass on harder choices to future generations.”
The National Taxpayers Union Foundation (NTUF) BillTally report of July 10, 2014 showed that the Tea Party Caucus had on average a higher influence on Congress to propose bills that would cut spending then any other caucus or organization. Even though for the first time in several years there were fewer cutting bills introduced compared to the preceding Congress. The report unveiled a higher number of Republicans interested in cutting spending and fewer Democrats than in previous years. During this Congress there were nearly six bills written to raise spending for each bill that was written to cut spending. Over the next ten years it is expected that spending bills will add $4.9 trillion to the debt.