Fiscal and Economic

For the first time in many years, this budget uses the reconciliation process for the purpose it was intended: to bring mandatory spending under control.

Two weeks after the 2016 election, I spoke on the House floor and warned that the greatest single obstacle to meeting the expectations of the American people was the cloture rule in the Senate. I said: “Voters elected Republican majorities in both houses of Congress and they expect action. They’ll get it from the President and from the House. But in order for the Senate to rise to this occasion, it must reform its cloture rule when it organizes in January.” It didn’t.

This amendment eliminates the $150 million of discretionary spending wasted on one of the least essential programs in the entire United States Government, the so-called “Essential Air Service.” That is the program that subsidizes empty and near-empty planes to fly from small airports to regional hubs just a few hours away or less by car.

Thank you for organizing this discussion on tax reform. I believe the most important mandate given to this administration and this Congress is to revive our economy. Our success or failure will largely be determined on achieving this objective and will be judged by the answer every American gives to Ronald Reagan’s question in both 1980 and 1984: “Are you better off than you were four years ago?

This administration was elected to drain the swamp, and one of its muckiest parts is the Export-Import Bank, that makes taxpayer-guaranteed loans to foreign companies that buy American products – often to use in competition with American companies that get no such advantage.

Since 1964, we have tried to end poverty the Democrats’ way. According to the Heritage Foundation, we have spent $22 trillion fighting the war on poverty as a result. Adjusted for inflation, this is three times more than all the military wars we have ever fought – combined. Put another way, that is $176,000 taken from the lifetime earnings of every family in America over those 50 years.

On our current trajectory, the CBO warns that just four fiscal years from now – in 2022 – our annual deficits will surpass a trillion dollars. That’s where economists warn we run the risk of damage or even loss of our access to credit – a sovereign debt crisis.