Budget and Economy
As you know, I’ve spent decades talking about these issues. Nobody wants to admit how bad our financial situation is. I try to be honest and tell people where things really stand. In fact, I've been called everything from “A Budget Cassandra” to a Fiscal Hero to “Mr. Fiscal Responsibility” and “Dr. Doom” because I am such a fierce advocate for balanced and honest federal budgeting.
The federal government doesn’t even use real accounting. Washington is the only accounting-free zone left in America. I have been talking about this for years and even wrote a foreword to the Treasury Department’s 2005 Financial Report.
I was one of the first Members to reject earmarks. I've also introduced bipartisan bills to eliminate wasteful spending and prevent agencies from duplicating programs that already exist. The main ideas behind my No Budget, No Pay Act, which would stop paying Congress if it fails to pass our budget and spending bills on time, became the law of the land in early 2013. It was only temporary but it worked. We need to make it permanent law.
Even though we are piling on unbelievable debt right now, this is no time to count the pennies. It’s really unprecedented that Congress responded so quickly and so unanimously by passing four bills to address COVID-19, including the largest relief package ever. This is what is needed to help America recover and begin healing--even the Federal Reserve Chairman has said we need additional relief, which may be costly but worth it to avoid long-term economic damage. The only thing that matters right now is defeating a dangerous virus, helping the people and small businesses that are hurting and financially at the end of their rope, and rescuing our economy.
Links & Additional Information
Fiscal Five Minutes by the Peterson Foundation
What is the Debt Ceiling?
Congressional Budget Office (CBO)
House Budget Committee
Financial Report of the United States from the Department of the Treasury
Current U.S. Debt
The White House Office of Management and Budget (OMB)
Government Accountability Office (GAO)
Calculate Your Tax Receipt
More on Budget and Economy
NASHVILLE – Today Rep. Jim Cooper (TN-05) was sworn-in to serve in the 117th United States Congress.
Shortly after being sworn-in, Cooper re-introduced the following three bills to ensure the voting process is fair and equitable for all Americans.
NASHVILLE – Yesterday Rep. Jim Cooper (TN-05) along with Tennessee’s two U.S. Senators Lamar Alexander and Marsha Blackburn, sent a letter to President Trump asking him to approve Governor Bill Lee’s disaster declaration for Tennessee.
NASHVILLE – Rep. Jim Cooper (TN-05) along with Rep. Tim Walberg (MI-7) announced their bipartisan Taxpayers-Right-to-Know Act is part of the National Defense Authorization Act (NDAA) conference agreement that will be heading to the President for his approval.
WASHINGTON – Last night the U.S. House of Representatives passed an updated version of the HEROES Act to support Americans and the economy during the COVID-19 pandemic The $2.2 trillion legislation passed the House by 214-207. Not a single Republican voted for the relief package.
WASHINGTON – Of the three bills that Rep. Jim Cooper has been pushing to help the Nashville tourist economy recover, two are included in the $2.2 trillion relief package that Speaker Nancy Pelosi is offering the White House and the U.S. Senate.
WASHINGTON – Rep. Jim Cooper (TN-05) today introduced an amendment to permit the Old Hickory Dam and Cordell Hull Dam, both upstream of Nashville, to include flood risk management as one of their authorized purposes.
“Nashville was hit hard by a devastating flood a decade ago,” Rep. Jim Cooper said. “By allowing the Old Hickory and Cordell Hull dams to be used for flood risk management we mitigate the chance of future flooding.”
NASHVILLE – At a press conference this morning, Rep. Jim Cooper announced how CARES Act funds were allocated in Davidson, Dickson, and Cheatham Counties. The $2.5 trillion CARES Act is the largest relief bill in U.S. history. It was signed into law in March but there has been little transparency on how funds were distributed within congressional districts despite congressional efforts to monitor the funds.
NASHVILLE – U.S. Rep. Jim Cooper (TN-05) released the following statement about the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, H.R. 6800, which is expected to pass the House tonight:
NASHVILLE – U.S. Rep. Jim Cooper (TN-05) released the following statement after he voted for the Paycheck Protection Program and Health Care Enhancement Act, H.R. 266, which passed the House today: