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Congressman Pete King

Representing the 2nd District of New York

Budget and Federal Spending

We are facing a debt crisis of unprecedented magnitude.  If we do not act soon, we will be the first generation to leave our children with a lower standard of living.  I will not stand by and let that happen.  

The first step towards strengthening our economy is to put our own fiscal house in order.  Since fiscal year 2010, Congress has achieved discretionary savings of $170 billion.Not only that, in 5 of the 6 previous years, the deficit has declined as a percentage of gross domestic product (GDP) since it peaked in 2009. We have made important strides in reversing the trend of wasteful government spending, but more needs to be done.  To that end, I am a cosponsor of legislation that would require the Comptroller General of the United States to provide Congress with audited financial statements of the U.S. annually, so that Congress can identify overlaps and reduce unnecessary spending.

In December 2013, Congress reached an important bipartisan agreement (H.J. Res. 59) to reduce the negative impact of sequestration on the military and federal agencies without raising taxes. The agreement laid the groundwork for future Congressional negotiations to put our budget on a path to balance.  In the 114th Congress, the House passed a budget that would balance in 10 years with my support and going forward I will do all I can to restore fiscal responsibility to the government.