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Duffy's Reset Act Included With Continuing Resolution

Statement

Date: Feb. 15, 2011
Location: Washington, DC
Issues: Government Budget and Spending

U.S.Congressman Sean Duffy issued the following statement regarding the RESET Act being included in H.R. 1, the Continuing Resolution to fund the federal government for the last seven months of the fiscal year:

"I introduced the RESET Act because I disagree with the very premise of the so-called "stimulus,' that we can borrow, spend and tax our way to a prosperous economy. If the two years since its passage have taught us anything, it's that we cannot grow the economy by growing the size of government.

"The RESET Act would simply take unobligated stimulus funds and send them back to the Treasury for deficit reduction. Even the White House concedes that there are billions of tax dollars that can be saved with this simple step.

"This one bill will not solve our nation's serious fiscal crisis. But this is an important step in the right direction and it sends an important signal to the private sector: that the days of "stimulus' are over.

"I thank Appropriations Committee Chairman Hal Rogers on agreeing to include the text of the RESET Act in this Continuing Resolution. I look forward to working on pro-growth policies that will get our nation's fiscal house in order, put us back on the road to prosperity and get our families back to work."

BACKGROUND:

The initial estimate for the so-called "stimulus' was that it would cost $787 billion, but the Congressional Budget office now says it will cost $814 billion with the interest on the debt for the bill totaling at least $347 billion. According to the White House' own recent estimates, $168 billion of the "emergency funding' still remains unspent with up to $7 billion in unobligated funds.

The RESET Act, introduced on February 10, would simply rescind the unobligated funds and send them back to the U.S. Treasury for deficit reduction.

Congressman Duffy asked Chairman Rogers in person and via letter to include the text of the RESET Act in the Continuing Resolution, which Chairman Rogers agreed to. The letter is attached.


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