Dear Mr. Timms : Thank you for contacting me to express your concerns about federal expenditures. I appreciate the time you took to write about this important issue, and I apologize for the delay in my response. Like you, I am greatly concerned by the size of the federal debt and deficit and agree that federal spending must be reduced. Our national debt now stands at over $1 6 trillion, which translates to roughly $45,000 owed by every American citizen. In recent months, Congress has passed legislation to reduce federal spending and set discretionary spending on a path to reach its lowest level as a percentage of GDP since the Eisenhower Administration. That said , I am also concerned about the anemic pace of the current economic recovery. I believe that the potential for a double-dip recession requires that Congress take immediate, bipartisan action to help aid economic growth in the short term, while simultaneously reducing our national debt over the long run. It is also the case that our national debt is too large, and our economy still too weak, for our debt issues to be resolved by a cuts-only approach. In fact, we currently collect less revenue, as a percentage of our gross domestic product (GDP), since any point since 1950. According to the Organization for Economic Co-operation and Development (OECD), the total United States tax burden as a percentage of GDP is less than any other country in the developed world, except for Mexico and Chile. Increased revenues must be a part of any successful deficit reduction solution, as must sensible reforms to restrain the growing costs of entitlement programs, which are the main drivers of our national debt. Please know that I understand how strongly many Californians feel about the growth of federal expenditures, and I assure you that I will keep your concerns in mind as I work with my colleagues to set our country on a more sustainable fiscal path. Once again, thank you for writing. If you have any further questions or comments, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards. Sincerely yours, Dianne Feinstein United States Senator
Posted on: Sat, 27 Jul 2013 05:38:14 +0000
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