Washington, D.C. – Congressman Jim Renacci (R-OH), member of the House Budget Committee, delivered the following remarks in support of the Budget for Fiscal Year 2019 at the FY 2019 Budget Resolution Markup this afternoon:
“First off, I want to thank you Mr. Chairman for all of the hard work that you have put in to get us here today. It certainly was no easy task and you should be commended for the leadership that you have displayed.
As members of the House Budget Committee, we have a responsibility to the American people to put forward a budget that recognizes the fiscal challenges that we face and to propose solutions that will secure the prosperity for the next generation of Americans.
As someone who spent my career in the business world, I work best going through the numbers so here are some facts:
- By 2023, we will spend more paying off our interest than we will on our national defense.
- By 2028, the debt held by the public as a share of the economy will rise to the highest level since 1946 and would be more than twice the average level over the last 50 years.
- Annual deficits of more than $1 trillion will once again be the norm over the next decade, adding more than $12 trillion to the national debt.
- Mandatory spending is expected to grow significantly over the next decade. Right now, mandatory spending accounts for 69% of spending. By 2028, that percentage increases to 77%.
For too long, we have abdicated our responsibility to address the fiscal crisis that we are spiraling toward. We all know that a crisis is just around the corner, but we continue to fail to work together to actually make the difficult decisions. God help our children and grandchildren if we fail to act.
That is why I am pleased to support this FY19 budget. The budget before us today is a strong step in the right direction – balancing not in just ten years, but nine years. This budget appropriately addresses our country’s spending problem while also ensuring that our armed forces have the resources they need to keep us safe.
I am especially pleased that this year we have strengthened our commitment to reducing mandatory spending through reconciliation. While I still think more could be done, I am pleased that this legislation includes an additional $100 billion in instructed mandatory savings compared to the House passed FY18 budget – totaling $302 billion for FY19.
It is important that this Committee produces a budget and fulfills our promise to our constituents who sent us to Washington to tackle the major challenges facing our country. I encourage my colleagues to support this budget and I yield back the remaining balance of my time.”
Watch Congressman Renacci give his remarks here.