Letter from the Administration to Inuoye
The health of our economy depends on taking action now to create the conditions for the economy to grow, businesses to hire, and the middle class to feel secure. In the long run, our prosperity also depends on our ability to put the Nation on a sustainable fiscal course while making the investments we need to compete and win in the global economy. That is why the President has put forward a balanced plan to jumpstart economic growth and job creation now and to lay the foundation for continued growth by achieving more than $4 trillion in deficit reduction over the next 10 years.
Two bipartisan agreements earlier this year created the framework for progress now. In April, the Congress passed final appropriations legislation for fiscal year (FY) 2011 that cut $40 billion from the FY 2010 scored funding level while also maintaining critical investments. Then in August, the Budget Control Act of2011 (BCA) instituted spending caps that cut nearly $7 billion more from FY 2011 discretionary funding subject to the caps. By the end of the decade, the BCA will bring discretionary spending to its lowest level as a share of the economy since the Eisenhower Administration. Achieving these savings has required and will continue to require cutting or refOlming programs that are no longer as necessary or as effective as they should be, as well as cutting programs that are important but impossible to afford in the current fiscal environment.
Dodd-Frank Wall Street Reform and Consumer Protection Act. In order to implement the Dodd-Frank Act, the Administration strongly supports the Senate bill’s funding levels for the Securities and Exchange Commission and the Commodity Futures Trading Commission, which will enable the regulators to develop, implement, and enforce new requirements for the securities and derivatives markets to protect investors and promote fair trading and a stronger, more stable economy. The Dodd-Frank Act contains essential measures to crack down on abuses in the mortgage industry, make financial contracts simpler, end hidden fees, and provide clear and concise information to borrowers about the obligations they are undertaking.
Extraneous Provisions. The primary purpose of appropriations legislation is to fund the Government, and the Administration strongly opposes ideological and political provisions in these bills. The Administration strongly objects to the inclusion of measures that:
Undermine implementation of the Affordable Care Act Undermine implementation of the Dodd-Frank Wall Street Reform and Consumer
Protection Act Undermine human health, safety, consumer or worker protections Undermine environmental protections and conservation Abandon settled approaches to divisive social issues Raise constitutional concerns, including concerns about interference with the
President’s constitutional powers and responsibilities