Rep. Wolf Calls for Immediate Bipartisan Action on Debt and Deficit; Pledges Support for Fiscal Commission Report

Speaking today on the House floor, Rep. Frank Wolf (R-VA) gave a speech expressing his growing concern about our national deficit and debt. He also took the bold step of stating that he would not vote for an increase in the U.S. debt limit if Congress didn't make a serious commitment to getting our country back on a sustainable fiscal path, saying:

"We can no longer ignore the albatross of debt around our collective necks. This is why, unless there is a firm commitment to deal with the larger financial crisis or the vote itself is tied to a possible debt solution, I will vote against the debt limit increase. And I urge my colleagues on both sides of the aisle to consider doing the same. I don't take this lightly. I am fully aware of the implications."

Rep. Wolf stressed that because our government is currently divided, any endeavor with a chance of success would have to be the product of bipartisan cooperation. Both sides of the aisle will have to make sacrifices in order to reach a plan that can not only be approved by Congress, but can actually succeed in bringing us out of this fiscal crisis. Rep. Wolf mentioned the work of the President's fiscal commission as a possible blueprint for going forward. He not only pledged his support for the final report of the commission, he said he would have voted for it had he been a commission member, and that:

"The plan set forth by the Simpson-Bowles Commission - supported by a majority of the commission’s 18 members - makes it clear that addressing the debt and the deficit isn’t just a simple exercise in rooting out waste, fraud and abuse. It is all well and good to eliminate earmarks, waste, fraud and abuse, and rein in discretionary spending, but these things alone don’t come close to solving the debt and the deficit...The commission’s forthright assessment about what is necessary to put us in good fiscal standing was a step in the right direction."

Rep. Wolf added that in order for the fiscal commission report - or any other serious fiscal plan - to succeed, they would have to be put to a Congressional vote, and the sooner this happens the better. We completely agree, and commend Rep. Wolf for his actions today and expressing a serious desire to work in a bipartisan fashion to solve our fiscal issues. It will take more leaders like him to enact serious fiscal reform in Washington, and we hope many members will follow in Rep. Wolf's footsteps.