A new unemployment report released today shows California with the second highest unemployment rate in the country at 11.8%. This is one more wake up call, we cannot continue to kick the can down the road and watch our economy dwindle. Californians deserve better. We need to utilize the resources we have and come to an agreement to lower our debt in order to increase confidence among American families and businesses.
This is one reason why I was disappointed today when the Senate voted to table the Cut, Cap and Balance Act which passed out of the House earlier this week. At a time when our government borrows 40 cents out of every dollar that it spends and our debt is more than $14 trillion we cannot afford to delay. House Republicans are committed to ending Washington's failed economic policies that have stalled economic growth and job creation. As I've said from day one, I am ready to implement significant change and address the drivers of our debt. We cannot solve our problems by raising taxes on families and the very small businesses we are counting on to create jobs, efforts must be centered on long term spending reductions and reforms.
I am committed to finding an agreement that includes a balanced plan to eliminate wasteful spending and pay down our debt, so that we can put in place these much needed reforms and boost economic growth and job creation.
As Chairman of the Subcommittee on Economic Development, Public Buildings and Emergency Management, I am working to ensure accountability and oversight for how your taxpayer dollars are spent. Recently, I investigated a wasteful SEC lease that cost taxpayers over $557 million for space the agency did not need. I discussed this blatant waste of taxpayer dollars with Eric Bolling on FOX Business on Monday, watch a clip here.
As you have noticed, gas prices are on the rise again and as illustrated by the USA Today, higher prices at the pump could further depress the economy. I have talked with many of you and I raised your concerns about the rising costs on the House Floor last week. In the face of a $14 trillion dollar debt and rising unemployment, we must use the resources that we have here at home. By developing our natural resources we can lower prices and put people back to work.
While working hard here to improve our economic situation, we cannot forget our brave men and women abroad. On Tuesday, I visited with a soldier from California at Walter Reed Army Medical Center. The soldier had recently returned from Afghanistan after losing both of his legs stepping on an IED. We discussed the current state of affairs in our country, the closing of Walter Reed facility in D.C., and the concerns he has for fellow troops still in Afghanistan today. It was an honor to visit with this soldier and I posted a few photos from the visit here.
I will be back in D.C. next week for votes and negotiations to work towards an agreement on how we can lower our debt and ensure a brighter future for our kids and grandkids. I am also happy to say that Mr. David L. Spaur, President of the Merced County Economic Development Corporation, is testifying at my Economic Development, Public Buildings and Emergency Management Subcommittee hearing next week. The hearing will address the reauthorization of the Economic Development Administration and I'm proud to have a representative from our district to share his ideas for how we can improve effectiveness through reforms and consolidations. You can watch the hearing live on our committee website.
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Have a great weekend!
United States Representative