Deeply Disappointed' with Senate Bill's Lack of Serious Spending Restraint

Press Release

After voting in opposition to the Senate's amended version of H.R. 8, Rep. Todd Young (IN-9) issued the following statement:

"In the course of the debate over the so-called "fiscal cliff', my goals have always been simple: Control spending and keep taxes low for the largest possible number of Hoosier families. I am deeply disappointed that the bill passed by the Senate not only fails to include significant spending restraint, but instead extends stimulus spending. It does very little to restore a degree of certainty to our economy, and the continued refusal to seriously address our largest and most unsustainable programs of government could likely result in further credit rating downgrades, interest rate increases, business failures, and job losses."

"From my first day in the 112th Congress, I have been fighting hard to bring our spending in line with revenue. Sadly, that will have to wait until the 113th Congress. Despite the fact that this tax relief measure passed, time is running out for our nation to reign in reckless federal spending and reform our inefficient and unfair tax code. In coming weeks I will push for bipartisan legislation--and Presidential initiative--to finally get serious about addressing the spending that is driving our deficit and debt."

Last summer, Young voted for--and the House passed--bills to extend all tax rates, to begin comprehensive tax reform and to replace the spending sequester. Last week, Young was supportive of a package--which was never voted on--which would have avoided tax increases for most Americans; provided $3.9 trillion in tax relief over the next decade; and replaced the $1.2 trillion in automatic and indiscriminate spending cuts with $1.4 trillion in responsible, targeted cuts. Despite the early and frequent action of the House, the White House did not significantly engage Congress until last month, and the Senate did not consider any legislation until 2 A.M. this morning.

As a member of the House Ways and Means Committee--which has jurisdiction over the tax code and social insurance programs--in the 113th Congress, Young will be deeply involved in continued efforts to reform the tax code, and to identify spending reforms to our largest and most unsustainable programs of government.

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