First District Congressman Jim Bridenstine and Second District Congressman Markwayne Mullin joined with other Republicans asking President Obama Wednesday to present a budget that balances with ten years.
In his first speech on the floor of the U.S. House Wednesday, Bridenstine said continued trillion dollar deficits for the foreseeable future harm seniors, the poor, and middle income families.
The GOP-controlled House passed a bill designed to highlight the fact that Obama has never offered a balanced budget during his White House tenure.
In a news release, Bridenstine said deficit spending financed by the Fed creates new money to buy Treasury bonds. He says this new money also drives up prices, disproportionately harming the poor, as well as seniors and middle income families.
Second District Congressman Markwayne Mullin co-sponsored the bill.
Bridenstine's speech supported the Require Presidential Leadership and No Deficit Act, which directs the President to either submit a budget that balances within the next decade or tell Congress when it will balance.
"I rise today to support H.R. 444, The Require a PLAN Act. It is perfectly appropriate for the President to present a budget that balances within 10 years. If he does not, this bill would require him to tell us when his budget will balance.
Trillion dollar deficits for the foreseeable future are harming seniors, the poor, and middle income families struggling to make ends meet.
Here's how: Our deficits are financed by treasury bonds, most of which are being purchased by the Fed with newly created money. This drives up the price of bonds and keeps interest rates artificially low. Seniors on fixed incomes who have saved their whole lives now cannot make a fair interest on their savings.
In addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices, which has a disproportionate adverse effect on seniors, the poor, and middle income families.
Creating money out of thin air to fund the President's spending must stop. The first step is to stop the reckless spending by having the President present a plan to balance the budget. This is a simple request with no reasonable excuse for opposition.
I rise today to support H.R. 444, The Require a PLAN Act, to protect our seniors, the poor, and middle income families."
Congressman Markwayne Mullin issued the following statement:
"It has been far too long since we've had a budget in this country. It's time to get serious. This common sense legislation is a step in the right direction. Oklahoma families and businesses know what it is like to live within a budget and it is high time that Washington D.C. learns to do the same. In my experience with my businesses I know what it is like to budget in good times and bad. The families and businesses in my district know that if they consistently spent more money than they took in there would be serious repercussions resulting from that decision. The same is true for our national budget. We cannot continue our reckless lack of planning while the United States sinks further into debt. By requiring a plan from this administration we can finally hold our government accountable to the American people."
The bill passed by a 253-167 vote, with 26 Democrats joining with majority Republicans behind the bill.