03.18.11

Hoeven, Senators Send Bipartisan Letter to the President Urging Leadership on Comprehensive Deficit Reduction

WASHINGTON, D.C. – Senator John Hoeven and a bipartisan group of 64 senators – 32 Republicans and 32 Democrats –today sent a letter to President Barack Obama urging him to show leadership in the effort to achieve comprehensive deficit reduction.

“As the Administration continues to work with Congressional leadership regarding our current budget situation, we write to inform you that we believe comprehensive deficit reduction measures are imperative and ask you to support a broad approach to solving the problem,” the senators wrote.

The letter encourages the President to engage the bipartisan group of senators currently working on a comprehensive debt reduction package based on the President’s Fiscal Commission.

“While we may not agree with every aspect of the Commission’s recommendations, we believe that its work represents an important foundation to achieve meaningful progress on our debt. The Commission’s work also underscored the scope and breadth of our nation’s long-term fiscal challenges.”

“By approaching these negotiations comprehensively, with a strong signal of support from you, we believe that we can achieve consensus on these important fiscal issues. This would send a powerful message to Americans that Washington can work together to tackle this critical issue.”

Revenues for 2011 are projected at $2.2 trillion, while current spending $3.7 trillion. The nation’s current spending level for 2011 is 68 percent more than the government collects, and the country is borrowing 40 cents on every dollar spent to meet the shortfall.

Hoeven is also cosponsoring a Balanced Budget Amendment to the United States Constitution, and taking other measures to foster more legal, tax and regulatory certainty to encourage economic growth. The proposed amendment would reduce the nation’s debt by requiring balanced budgets and prohibit deficit spending and tax increases without a two-thirds majority of the House and Senate. The measure waives the requirement in time of war or national emergency.