My Letter to Congress: H.R.4646 Debt Free America Act

I am writing as your constituent in the 20th Congressional district of Texas. I oppose H.R.4646 - Debt Free America Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.

Sincerely,
Desi de la Garza

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Dear Friend:
Thank you for contacting me regarding H.R. 4646, the Debt Free America Act. I welcome your thoughts and comments.

Out-of-control spending has put the United States in a tenuous economic position. In fiscal year (FY) 2009, annual federal discretionary spending in the regular appropriations process surpassed $1 trillion for the first time in U.S. history, leading the federal government to a record $1.4 trillion deficit. Since then, spending has not abated. The federal government posted a $1.3 trillion deficit in FY 2010.

Our nation?s debt is on an upward trajectory, surpassing an historical $14 trillion benchmark in December 2010. The American people are tired of this excessive spending, and they do not see any relief. The U.S. Department of the Treasury estimates that it will borrow $362 billion for the first quarter of FY 2011 and another $431 billion for the second quarter, adding nearly $800 billion to the national debt.

During the 111th Congress, a number of proposals were suggested about how our nation should close these soaring budget deficits. One such proposal is found in H.R. 4646, the Debt Free America Act of 2010. Introduced by Representative Chaka Fattah (D-PA), this legislation would impose a one-percent tax on every financial transaction, whether paid by cash, check, credit card or other financial instrument. This tax could also be imposed on transactions involving the transfer of stock and bonds, subject to the recommendation of the Secretary of the Treasury.

Upon introduction on February 23, 2010, the Debt Free America Act was referred to the House Committees on Ways and Means, Budget, Rules, and Appropriations. H.R. 4646 was not considered by the full House of Representatives prior to the adjournment of the 111th Congress.

We need fiscal sustainability going forward. Yet raising taxes on hard-working Americans, especially during the current economic climate, is not the solution for fiscal sustainability. We must get our financial house in order, even if that means making tough choices. I believe that the best way to address our nation's long-term budget crisis is to reduce wasteful government spending. If initiatives are truly national priorities that need to be addressed, I believe we should find a way to budget and pay for them by cutting back in other areas.

You may be certain that I will continue to work toward responsible spending cuts. I will also keep pushing for smaller government, a balanced federal budget, and lower taxes on families and small businesses.

I appreciate hearing from you. I hope that you will not hesitate to contact me on any issue that is important to you.

Sincerely,
Kay Bailey Hutchison
United States Senator

284 Russell Senate Office Building
Washington, DC 20510
202-224-5922 (tel)
202-224-0776 (fax)
http://hutchison.senate.gov

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Thank you.