Oberstar: Budget Sets Priorities for Job Growth and Recovery
Washington DC – Congress has approved a sweeping financial blueprint to bring the nation out of recession and set the stage for future economic growth. The budget resolution for fiscal year 2010 that passed in the U.S. House of Representatives today provides the framework to reduce the deficit by nearly two-thirds, cuts taxes for 95 percent of Americans and saves jobs with investments in health care, clean energy and education.
“ President Obama sent us a thoughtful budget plan and members of Congress sharpened their pencils and made it even better by laying out a plan to cut the deficit by another $500 billion over the next five years,” said Congressman Jim Oberstar. “Congress also eliminated a few sections of the President’s budget. Farmers will not see a reduction in agricultural payments and we will not reduce the deductions for charitable contributions, nor does the budget resolution include additional funding for failing financial firms.”
By law, the President is required to submit his budget request to Congress, but it is the primary responsibility of Congress to develop the federal budget. The approved budget resolution does not authorize spending for any project or program. Instead, the budget resolution becomes a guideline for Congress to use as it crafts the appropriations bills for fiscal year 2010.
“It is important to have a discussion about our budget priorities before we start allocating dollars to government agencies,” said Oberstar. “We’ve laid out clear goals for creating jobs now and for ending this recession. However, we also made sure we were laying the groundwork for an economy that produces smart and steady growth in the long run. We can’t go from one economic bubble to another.”