Coats Notes: New Congress Must Focus on Cutting Spending

Senator Dan Coats
2013-01-04 15:17:37
<iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/co ats_topbanner.jpg> Dear Friend, Thank you for signing up to receive my email newsletter. These newsletters will cover a variety of topics, including events happening in Indiana, legislation being considered in Congress, and my perspective on current issues. My hope is to keep you updated and informed on how issues in Washington may impact Hoosiers. I welcome your feedback. Thanks for reading, Dan Coats _____ New Congress Must Focus on Cutting Spending This week, a new Congress took office representing a new opportunity to address the serious challenges facing our country. The most critical and pressing challenge is how to rein in the out-of-control government spending that threatens the health of our economy and jeopardizes opportunities for future generations. Since returning to office two years ago, I have been frustrated by Washington's inability to come together and do what is necessary to grow and strengthen the economy. The President has failed to lead, Congress has taken little action to address spending and the American people rightfully are angry with Washington. Instead of taking the right steps, we have careened from crisis to crisis. The latest crisis - the so-called fiscal cliff created by Washington - forced members of Congress to choose between two bad options, neither of which would solve our financial problems. Option one was to go over the cliff and allow income tax rates to increase for every American. The cost of not acting would have resulted in an average tax hike of $4,000 on Hoosier families and $2,800 on individuals. Option two was to protect 99 percent of all taxpayers from any tax hikes and permanently lock in the current lower income tax rates. This legislation was imperfect but it would protect most Hoosiers from one of the largest tax increases in our history. I chose the lesser of the two evils and voted for the stopgap bill to protect almost every Indiana family from massive income tax hikes. Was this an ideal situation and a perfect solution? Absolutely not. I am deeply disappointed that once again Washington missed an opportunity to present a real, long-term deficit reduction plan that would address the root of our fiscal crisis - excessive government spending. The fiscal cliff was only round one and although the plan was far from ideal, it settled the revenue debate with the White House. No longer can the President use his repeated vow to raise taxes on millionaires and billionaires as a way to hide from spending reforms. No longer can he hold 99 percent of American taxpayers hostage to make the top one percent pay its "fair share." As a new Congress begins a new session, the debate now shifts to spending reductions. This is a debate the President cannot avoid. Round two is only weeks away when the Treasury is scheduled to reach the limit of its borrowing authority, at which time we must confront and correct our spending problem. Congress and the President must find the political will to strengthen our economic future and it starts by being honest with the American people about what needs to be done. Until we address the main drivers of our debt - Medicare, Medicaid and Social Security - we will continue to face one fiscal cliff after the next. I am committed to reining in runaway spending and reforming Medicare, Medicaid and Social Security to make them solvent for future generations. I will also continue my push to overhaul our outdated and complex tax code. In Indiana, we have proven that reduced spending, lower taxes and a more limited government is a model that works. It is time for Washington to learn from the Hoosier model. Living within our means and addressing out-of-control spending is the only way to solve our fiscal crisis and ensure future generations will inherit a stronger and more prosperous country. Coats in the News Coats Secures Key Committee Assignments for 113th Congress <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fwww.co ats.senate.gov%2fnewsroom%2fpress%2frelease%2fcoats-secures-key-committe e-assignments-for-113th-congress> Amendment Cuts Pork from Hurricane Sandy Relief Bill <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fblog.h eritage.org%2f2012%2f12%2f20%2famendment-cuts-pork-from-hurricane-sandy- relief-bill%2f> Area lawmakers wanted more from fiscal cliff deal <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fwww.nw itimes.com%2fnews%2flocal%2fgovt-and-politics%2farea-lawmakers-wanted-mo re-from-fiscal-cliff-deal%2farticle_97ae6df8-1802-56ae-98b3-244251047191 html> President, Congress fail on an epic scale to lead well <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fwww.in dystar.com%2farticle%2f20130102%2fOPINION08%2f301020344%2fTim-Swarens-Pr esident-Congress-fail-an-epic-scale-lead-well> Hurricane Sandy aid: House rolls out smaller bill <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fwww.po litico.com%2fstory%2f2013%2f01%2fhurricane-sandy-aid-house-rolls-out-sma ller-bill-85648.html> _____ Stay Connected <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fwww.fa cebook.com%2fpages%2fSenator-Dan-Coats%2f180671148633644> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2ftwitte r.com%2fSenDanCoats> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fwww.yo utube.com%2fSenatorCoats> _____ Coats on Senate Floor <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fnewsroom%2fphotos%2fjune-visits-with-hoosiers> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fnewsroom%2fphotos%2fcoats-tours-countrymark-refinery> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fyoutu. be%2fvJPE9RPIVHg> Click on the video above to watch my speech on the fiscal cliff. <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fyoutu. be%2fLbLyOCja6Mk> Click above to watch my speech on the Hurricane Sandy Relief bill. _____ Unsubscribe Contact Me <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fcontact%2f> Latest News <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14531.7899750.5195005.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2f> <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/iq trk.gif?crop=14531.7899750.5195005.7189397>
 

Dear Friend,

Thank you for signing up to receive my email newsletter. These newsletters will cover a variety of topics, including events happening in Indiana, legislation being considered in Congress, and my perspective on current issues. My hope is to keep you updated and informed on how issues in Washington may impact Hoosiers. I welcome your feedback.

Thanks for reading,
Dan Coats


New Congress Must Focus on Cutting Spending 

This week, a new Congress took office representing a new opportunity to address the serious challenges facing our country. The most critical and pressing challenge is how to rein in the out-of-control government spending that threatens the health of our economy and jeopardizes opportunities for future generations.

Since returning to office two years ago, I have been frustrated by Washington’s inability to come together and do what is necessary to grow and strengthen the economy. The President has failed to lead, Congress has taken little action to address spending and the American people rightfully are angry with Washington.

Instead of taking the right steps, we have careened from crisis to crisis. The latest crisis – the so-called fiscal cliff created by Washington – forced members of Congress to choose between two bad options, neither of which would solve our financial problems.

Option one was to go over the cliff and allow income tax rates to increase for every American. The cost of not acting would have resulted in an average tax hike of $4,000 on Hoosier families and $2,800 on individuals.

Option two was to protect 99 percent of all taxpayers from any tax hikes and permanently lock in the current lower income tax rates. This legislation was imperfect but it would protect most Hoosiers from one of the largest tax increases in our history.

I chose the lesser of the two evils and voted for the stopgap bill to protect almost every Indiana family from massive income tax hikes. Was this an ideal situation and a perfect solution? Absolutely not. I am deeply disappointed that once again Washington missed an opportunity to present a real, long-term deficit reduction plan that would address the root of our fiscal crisis – excessive government spending.

The fiscal cliff was only round one and although the plan was far from ideal, it settled the revenue debate with the White House. No longer can the President use his repeated vow to raise taxes on millionaires and billionaires as a way to hide from spending reforms. No longer can he hold 99 percent of American taxpayers hostage to make the top one percent pay its “fair share.” As a new Congress begins a new session, the debate now shifts to spending reductions.

This is a debate the President cannot avoid. Round two is only weeks away when the Treasury is scheduled to reach the limit of its borrowing authority, at which time we must confront and correct our spending problem.

Congress and the President must find the political will to strengthen our economic future and it starts by being honest with the American people about what needs to be done. Until we address the main drivers of our debt – Medicare, Medicaid and Social Security – we will continue to face one fiscal cliff after the next.

I am committed to reining in runaway spending and reforming Medicare, Medicaid and Social Security to make them solvent for future generations. I will also continue my push to overhaul our outdated and complex tax code.

In Indiana, we have proven that reduced spending, lower taxes and a more limited government is a model that works. It is time for Washington to learn from the Hoosier model. Living within our means and addressing out-of-control spending is the only way to solve our fiscal crisis and ensure future generations will inherit a stronger and more prosperous country.

Coats in the News

Coats Secures Key Committee Assignments for 113th Congress

Amendment Cuts Pork from Hurricane Sandy Relief Bill

Area lawmakers wanted more from fiscal cliff deal

President, Congress fail on an epic scale to lead well

Hurricane Sandy aid: House rolls out smaller bill


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Coats on Senate Floor


Click on the video above to watch my speech on the fiscal cliff.


Click above to watch my speech on the Hurricane Sandy Relief bill.


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