Pelosi Statement on Obama Administration's Proposed Reduce Unnecessary Spending Act

May 24, 2010, 13:15 ET from Office of the Speaker of the House

WASHINGTON, May 24 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement today in response to the Obama Administration's proposed Reduce Unnecessary Spending Act that would establish a new, expedited tool to rescind spending:

"The Democratic Congress and the Obama Administration share a strong commitment to fiscal discipline and common sense in our budget, and we must continue to do everything in our power to boost our economic recovery, rein in the deficits we inherited, and remain responsible stewards of the public purse.

"After President Bush and Republicans in Congress turned record surpluses into record deficits and nearly doubled the national debt, Democrats are returning our nation to a course of fiscal responsibility. Upon assuming the majority in Congress in 2007, we made pay-as-you-go budgeting the rule of the House; this year, with President Obama's signature, we made it the law of the land. We enacted health insurance reform that cuts our deficits by more than $1 trillion over the next two decades, and Congress passed a budget that brings down our deficits – and actually came in under the President's request. We cut taxes for our middle class and small businesses, and passed laws to create American jobs and build a new foundation for our economy.

"We look forward to reviewing the President's proposal and working together to do what's right for our nation's fiscal health and security, now and in the future."

SOURCE Office of the Speaker of the House