House Budget Committee Republicans, led by Ranking Member Paul Ryan (WI) and Vice Ranking Member Jeb Hensarling (TX) today introduced legislation to direct more responsible fiscal policy by restoring integrity and credibility to the Federal budget. “The Spending, Deficit, and Debt Control Act of 2009” is a comprehensive set of sound, reasonable, and enforceable measures that provide Congress the means to achieve spending discipline and help reduce deficits and debt.

Key components of the bill include:

• Creates a Legally Binding Federal Budget.
• Establishes Real, Enforceable Limits on Spending and Deficits.
• Addresses Entitlement Crisis & Budgets for Long-Term Obligations.
• Enhances Oversight, Transparency & Accountability.

Paul Ryan, Ranking Member of the House Budget Committee, issued the following statement:

“Americans have become deeply concerned by the nearly incomprehensible levels of spending, deficit and debt their Federal Government has racked up. They’re right to be; our nation’s fiscal hole has been dug so deep, so quickly, that the burden of paying back today’s Washington spending will be felt by every American worker and business for generations to come.

“Americans’ concern will quickly turn to anger when they realize Washington has absolutely no plan to get our nation’s alarming fiscal situation under control. In fact, the only plan going forward is to dig the hole even deeper.  

“The Obama Administration’s ‘budget’ – ostensibly intended as a blueprint for balancing the cost of the Federal Government with its burden on American taxpayers – actually plans to double our debt over the next five years, and triple it in ten; it also promises – by the end of its ten-year window – to increase debt held by the public from the 30-year average of 40% of our economy, to well over 80%.

“By no plausible definition can such a fiscal plan be considered a ‘budget.’ Today’s Federal budget process has been so severely twisted and weakened that it has become little more than a means for leveraging ever-higher spending. Clearly, this degradation did not happen overnight; both parties are culpable for our fiscal problems, and both parties are guilty of exploiting flaws in the budget process to their advantage.  

“But this year’s explosion of spending and unprecedented deficits – and unapologetic promises for more of the same – has made clear that Washington is either uninterested in, or incapable of responsibly managing our nation’s finances. Perhaps both.  

“The time has come to require Congress – by law – to control its dangerous spending appetite. ‘The Spending, Deficit, and Debt Control Act’ will help Washington help itself by giving teeth to the Federal budget through a comprehensive set of sound, reasonable, and enforceable measures to assist in making more responsible fiscal policy decisions.

“It is my sincere hope that the entire Congress – and particularly my colleagues on the Budget Committee – will seriously consider this bill for its intent to provide a better, stronger set of tools with which we can rebuild our nation’s fiscal future.”