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Posey Introduces Deficit Reduction Check-Off Legislation

Washington, December 15, 2009 - Today, Congressman Bill Posey introduced the Deficit Reduction Check-Off Act, legislation designed to give the American people a stronger voice in reigning-in out of control government spending. Posey’s bill, H.R. 4308, which already has the support of 17 of his colleagues, would create a means by which the American taxpayer could put a small portion of their tax refunds toward deficit reduction and the government would then be obligated to match it $9 to $1 and lower spending accordingly.

“In recent years, Washington has taken us down a dangerous, irresponsible and unsustainable path of overspending,” said Congressman Posey. “This month our national debt exceeded $12 trillion for the first time in our nation’s history and as early as tomorrow the Speaker may bring a bill forward to raise the debt limit to $14 trillion. Last year alone put a record $1.4 trillion on the next generation’s credit card – more than three times the previous record. Unfortunately, Washington seems dead to the common sense idea of lowering spending. Many constituents have indicated they feel powerless and my bill gives them a direct way to cut Washington spending.”

Specifically, the Deficit Reduction Check-Off Act would add a new “Deficit Reduction Check-Off” line to IRS tax forms. Individuals would be given the opportunity to direct up to $10 of their tax rebate/refund for deficit reduction ($20 for joint filers). While the individual’s tax return would only be reduced by a maximum of $10, Posey’s bill directs the Office of Management & Budget (OMB) to cut federal spending by $100 ($200 for a joint return). A $10 check-off translates into $100 in direct deficit reduction.

“For every $10 dollars you give, Washington would be required to cut $100 in spending - $200 for joint filers,” said Posey. “For example, if 40 million Americans ‘check-off’ a total of $300 million on their tax returns, the Federal government would be directed to cut spending by $3 billion. It adds one more deficit reduction tool and it will also give Congress an idea of just how serious the American people are about cutting spending.”

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