OMB Acting Director Russ Vought: Spending addiction threatens American economic resurgence

  • by:
  • Source: Fox News
  • 07/31/2020
Over the past two years, President Trump has unleashed the American economy through his taxpayer-first, pro-growth policies. Passing historic tax reform, cutting back unnecessary Washington regulations, and strengthening domestic energy policies has put the nation on an accelerated path to economic prosperity. Since the election the American economy has gained 5.3 million new jobs, as this administration’s policies have lowered consumer price growth, put more money in everyday American’s pockets, and vastly improved the economic health of the nation.

Yet, America’s return to prosperity is under attack.

It is no secret that our nation’s $22 trillion debt, which nearly doubled under the Obama administration, is unsustainable. The Congressional Budget Office warned just weeks ago that, if left unchecked, our national debt would “reduce national saving and income, boost the government’s interest payments, limit lawmakers’ ability to respond to unforeseen events, and increase the likelihood of a fiscal crisis.”

Understanding this threat, President Trump on Monday unveils A Budget for a Better America; a new outline for government spending that invests in critical national priorities while restraining spending to give taxpayers the best value for their tax dollar. In total, the president’s 2020 Budget keeps his promise of a 5 percent cut to non-defense discretionary spending, reduces deficits by over $2.7 trillion over 10 years, and balances the budget in 15 years, by 2034.

Since his first year in office, and again in the budget we are laying out, President Trump has pushed for more reductions to wasteful Washington spending than any other president in history. Unfortunately, Congress has repeatedly ignored these taxpayer savings and plowed ahead with irresponsible budgets that increase our deficits and size of government. This needs to stop.
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