Washington, DC (February 6, 2013) - Today, U.S. Congressman Steve Pearce voted in favor of H.R. 444, the Require a PLAN Act.
"The federal government continues to print money to finance its national debt," said Pearce. "As a result, Americans are seeing the money in their pockets become worth less every day. We have all seen the hardships faced by Europeans because of overspending, but our national debt is worse than Greece, Spain, the UK, and Ireland. It is becoming harder and harder for the middle class to make ends meet. It's worse for those on fixed incomes, such as our seniors and veterans who have rising costs and shrinking funds."
In the event the President’s budget does not balance within one fiscal year, the bill requires the President to submit a supplemental budget, which must identify the date by which he expects his budget to balance, and policies that will achieve balance.
The President has a legal obligation to submit a budget by the first Monday in February. He missed this deadline this week, for the fourth time in his administration, further calling into question his seriousness about addressing the growing national debt. With the sequestration proposed by the President looming on the horizon, Congress again asked the President to submit a budget that will address our spending problem and put the country back on track to prosperity and economic growth.