Obama's "Recovery" Worst in Modern Times
Jul 8, 2011
The evidence that President Obama's economic policies have failed continues to mount. The unemployment rate notched up to 9.2 percent in June. The Bureau of Labor Statistics reported that the labor force fell by more than a quarter of a million workers, dropping the labor force participation rate to 64.1 percent - the lowest rate of labor force participation in nearly 30 years.
Meaningful Contributions -- Day Lee Briefing 7/07/2011
Jul 7, 2011
Today’s Agenda
Senator Lee will hold a press conference to highlight the failure of Senate Democrats to pass a budget and deal with the nation’s emerging debt crisis.
From the Senator’s Desk
“Sen. Reid’s “Sense of the Senate” resolution (S. 1323), currently on the Senate floor, contains no actual policy. It notes several class-warfare non-sequiturs, and then calls on Americans making more than $1 million per year ‘to make a more meaningful contribution to the deficit reduction effort.’
“In order to help Sen. Reid make a more meaningful contribution to this debate, below are revenue projections for each of several specific tax increases Democrats have proposed or championed during the ongoing debt-limit debate and negotiations, and the approximate amount of time each proposal might plug the federal budget deficit, projected in 2011 to be $1.48 trillion (or roughly $4.05 billion per day).
“The four tax increases Democrats have publicly or privately advanced in the deficit reduction debate would reduce the federal deficit by – at most – $40.35 billion a year, a little less than the United States currently borrows every 10 days.
“Even if fully implemented, and even in the unlikely event that these tax hikes do bring in their full projected amount, they will barely make a dent in the deficit, and almost none in a $14.3 trillion national debt.
“These are unserious deficit-reduction proposals -- but they are very serious jobs-reduction proposals. $40.35 billion is equal to roughly 69,000 average middle class jobs, which cost private businesses about $58,500 each to create.” Memo from the Joint Economic Committee
Around the Water Cooler
Twitterverse: “I wish I could report that Washington is serious about addressing this spending problem, but in the last week we seem to have hit a new low.”
Congress: “The hottest accessory on Capitol Hill is the pocket-sized copy of the Constitution.”
Debt Deal: “If the administration's spending cuts are mostly fake, its desire for tax increases is not.”
A Look Ahead
The Senate is expecting several procedural votes today regarding a resolution in support of tax increases.
Spend What You Have, Not What You Want
Jul 7, 2011
If you're creating a budget, what's the first thing you need to know: how much you have or how much you want to spend?
The answer to this question exposes a fundamental difference between how Republicans and Democrats approach the nation's finances. And it was on full display last week in the Senate.
Senator Mike Lee Introduces the Cut Cap Balance Act
Jul 7, 2011
In a press conference with several of his colleagues, Senator Lee Introduces the Cut Cap Balance Act as an acceptable deal for raising the debt ceiling.
The Promise We Can't Make -- Day Lee Briefing 7/06/2011
Jul 6, 2011
Today’s Agenda
Today, Senator Lee continues to focus on the refusal of Senate Democrats to propose or pass a budget, or deal with most pressing fiscal issues facing the country. He has several media interviews and holds his weekly tele-press conference with Utah media this evening.
From the Senator’s Desk
“The American people understandably, justifiably and very correctly are demanding that before we raise the nation's debt limit yet again, before we extend yet another credit card for the United States of America, we commit to some kind of cuts. Future borrowing requires us to make future cuts. The problem with that is the moment that that debt is actually used up, the moment it's incurred, the American people are under an obligation.
“But if we make a promise today that we're going to cut, let's say $2 trillion or $3 trillion or $4 trillion over the next 10 or 12 or 14 or 15 years, that's a promise that we can't make. That's a promise that we can't really commit to because this Congress, the one that sits right now, will not be the same congress that convenes in January of 2013 or on January of 2015 or in future years.
“We've got to make changes right now. And the only way that we can commit to future cuts, to future structural reforms, the only way we can bind future Congresses is by amending the U.S. Constitution, to change the way we spend money, limit spending as a percentage of GDP and to require a supermajority to spend more than we have or to raise taxes.
“That's what we're demanding. We're willing to work, we're willing to come to the table on the debt limit, but we demand some kind of solution that will put us on course towards sanity. That's why we're here.” Floor Speech, June 30, 2011
Around the Water Cooler
Debt Ceiling: “Senate Majority Leader Harry Reid (D-Nev.) canceled a vote on legislation authorizing U.S. military action in Libya after facing pressure from GOP lawmakers, who warned they would vote the measure down in order to focus on budget matters.”
Spending Cuts: “[W]e’ve heard promises of spending cuts before.”
A Look Ahead
The Senate will continue to debate deficit reduction and the debt through the remainder of the week with a few possible votes on Thursday.
New Guards for Our Future
Jul 1, 2011
July 4th is Independence Day, the day we signed the Declaration of Independence. Varied historical accounts assert that it wasn't completely signed by all 56 delegates until August 2, 1776.
While it is sheer coincidence that 235 years later August 2 is once again looming as an important date in American history, it is an important fact to point out.
A Balanced Budget Amendment: The Path to Fiscal Sanity
Jun 30, 2011
We've got to make changes right now. And the only way that we can commit to future cuts, to future structural reforms, the only way we can bind future Congresses is by amending the U.S. Constitution, to change the way we spend money, limit spending as a percentage of GDP and to require a supermajority to spend more than we have or to raise taxes.
Spending Away Our Freedom -- Day Lee Briefing 6/30/2011
Jun 30, 2011
Today’s Agenda
Today, Senator Lee attends a Judiciary Committee hearing discussing oversight of the Financial Fraud Enforcement Task Force, tapes an interview with Judge Napolitano for Fox Business, and talks with the Wall Street Journal about the debt crisis.
From the Senator’s Desk
“By the year 2035, we are predicted to be spending almost 34% of gross domestic product through the federal government every single year. As a result, the federal government will be commanding a very substantial portion of the American economy.
“That makes every American less free. The more government spends, the more money it has access to. And the more it borrows on our behalf, the less free we become, the less individual liberty we have to spend our money, to use our resources to devote our lives in those pursuits that we would choose.
“That's why the Cut, Cap, and Balance Pledge is necessary to support individual liberty, to protect our most basic freedoms; it’s because it will protect us from the inexorable growth of government. “ -- Sen. Lee Floor Speech 6/29/11
Recent Votes
On Sen. Coburn’s amendment To prevent the creation of duplicative and overlapping Federal programs, Sen. Lee voted YEA
Around the Water Cooler
No Recess: “Senate to work next week on debt limit impasse”
Balanced Budget: “I think the states would ratify this so fast our heads would be spinning”
A Look Ahead
Sen. Harry Reid announced that the July 4th Recess would be cancelled. Sen. Lee and other GOP members called on the President and Democrats to begin serious work on handling the nations debt problem instead of going on vacation.
Lee, Romney Talk Economy
Jun 29, 2011
“I appreciate Governor Romney taking the time to meet with me today,” said Sen. Lee. “I expressed my view that we are currently dealing with the critical fiscal issues of this generation and that we need strong leadership on these issues. I was happy to hear that Gov. Romney supports the Cut, Cap and Balance Pledge including a Balanced Budget Amendment—one of my top priorities—and that his focus remains on growing the economy to create good jobs for our country.”
Lee, GOP Senators Push for Balanced Budget Amendment
Jun 29, 2011
Today, the Senate Republican Caucus began a coordinated effort to push for passage of the S. J. Res 10, the Hatch Lee Balanced Budget Amendment. Senator Mike Lee, a lead cosponsor of the bill, has consistently championed the need for binding, structural spending reforms like a constitutional amendment, even before joining the Senate. The bill would force Congress to balance its budget each year, limit spending to no more than 18% of GDP, and require a supermajority vote in both the House and Senate before raising taxes or increasing the nation’s debt ceiling.
