Sequestration Goes into Effect
Mar 1, 2013 -
Today, the $1.2 trillion in across-the-board spending cuts proposed by the Obama Administration goes into effect. I voted twice to pass measures that would have made equivalent and sensible spending reductions to our crippling deficit without negatively impacting our military readiness or our weak economic recovery. It is essential to get our nation’s debt under control, but these arbitrary cuts, which will hinder economic growth and job creation in the Inland Empire, are not the solution to our nation’s long-term fiscal challenges.
The two alternatives we passed in the House would cut waste and save taxpayers billions of dollars without harming our military or raising taxes on middle and low income families. Unfortunately, the President and Senate leaders failed to neither consider our legislation nor offer alternative plans to avoid today's sequestration.
As the Vice Chairman of the House Financial Services Committee, I had the opportunity to question Federal Reserve Chairman Ben Bernanke at a committee hearing this week. He said that this sequestration could cost the United States 750,000 jobs and an alternative must be found. To avert the negative economic impact the sequester will have on our economy, I will work with all sides to replace the sequester’s irresponsible, arbitrary cuts with targeted spending reductions and reforms. I am committed to finding long-term solutions to our nation’s excessive debt that threatens the future prosperity of San Bernardino County and the nation, while preserving vital programs and services.
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