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To All Members of the U.S. House of Representatives
On behalf of the members of the Fiscal Responsibility Coalition (FRC), we are writing to encourage you to pass the Deficit Reduction Act of 2005.
FRC was formed three years ago to advocate for restraint in government spending. It is vitally important to control total federal spending so that the economy grows at a rate faster than the federal government. This goal is essential to long-term economic growth and will allow for an expeditious return to balanced budgets and surpluses. The Deficit Reduction Act of 2005, with its intended $53.9 billion dollar reduction in the growth of spending in the federal mandatory programs, is a welcome Congressional initiative.
While the U.S. government has seen a dramatic increase in revenues this year, spending increases have significantly outpaced this added revenue. Mandatory spending today accounts for more than half of all federal spending, with that percentage expected to exceed 60% within a few years unless Congress acts.
As Federal Reserve Chairman Greenspan said in his testimony before the House Budget Committee in March of this year, “. . . as the latest projections from the Administration and the Congressional Budget Office suggest, our budget position is unlikely to improve substantially in the coming years unless major deficit-reducing actions are taken.”
While we understand that controlling the growth in entitlement spending is politically challenging, we believe that the problem of run-away federal spending must be addressed today.
The Fiscal Responsibility Coalition commends you for addressing this critical issue, and urges the U.S. House of Representatives to act quickly to support the Deficit Reduction Act of 2005.
FRC Management Committee:
Grover Norquist John J. Castellani
Americans for Tax Reform Business Roundtable
Matt Kibbe David French
President Senior Vice President
FreedomWorks International Foodservice Distributors Association
Dirk Van Dongen Dan Danner
President Senior Vice President-Public Policy
National Association of Wholesaler- National Federation of Independent
Rob Green R. Bruce Josten
Acting Sr. Vice President-Government Affairs Executive Vice President-Government Affairs
National Restaurant Association U.S. Chamber of Commerce