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Sen. Moran Introduces Bill to Pay Down Deficit with Stimulus Funds

Would transfer billions in unspent stimulus funds to the Treasury for deficit reduction

WASHINGTON, D.C. – U.S. Senator Jerry Moran (R-Kan.), a member of the Senate Committee on Appropriations and one of the few members of Congress to vote against every stimulus and bailout bill, today introduced the “Recovering Excessive Stimulus Expenditures for Taxpayers” (RESET) Act, which would send unspent stimulus funds back to the U.S. Department of Treasury to be used for deficit reduction. The language of the RESET Act, originally introduced by U.S. Representative Sean Duffy (R-Wis.), is included in H.R. 1, the continuing resolution to fund the federal government for the last seven months of fiscal year 2011.

"Two years ago, President Obama signed into law a 1,100-page ‘stimulus package,’ declaring the trillion-dollar spending bill would keep unemployment from exceeding 8 percent and create millions of jobs ‘almost immediately.’ The president called the package an ‘investment,’ and today the return on his investment is clear: national unemployment hovers between 9 and 10 percent, and we face a record $1.6 trillion deficit and $14 trillion national debt,” Sen. Moran said.

"It’s pretty clear spending our way to prosperity is not working,” he continued. “We must change direction, and I am proud to introduce the RESET Act in the U.S. Senate. Congress should rescind the $45 billion in unspent stimulus funds and direct them toward paying down the record deficit. We must then get to work on spending cuts, tougher funding standards and monetary and fiscal policies that promote – rather than stifle – economic growth.”

This proposal is supported by Let Freedom Ring, Restore the Dream Foundation, Americans for Tax Reform, Americans for Prosperity, FreedomWorks, National Taxpayers Union, 60 Plus Association, Liberty Central and Citizens Against Government Waste.

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