The Safe Commission: Letters to Treasury Secretary Paulson

THE SAFE COMMISSION: LETTERS TO TREASURY SECRETARY PAULSON

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HON. FRANK R. WOLF

of virginia

in the house of representatives

Thursday, January 15, 2009

Mr. WOLF. Madam Speaker, I continue to be deeply concerned about America's mounting deficit spending and Federal debt and have been working for the past several years to engage this administration in embracing a bipartisan plan to reverse course and get our country on a sound and sustainable financial path. I introduced the SAFE Commission concept for the first time during the 109th Congress on June 7, 2006. In the 110th Congress I teamed with Jim Cooper, and we introduced the bipartisan SAFE Commission legislation again. A similar Senate effort was led by Budget Chairman Kent Conrad and ranking member Judd Gregg. Following the SAFE bill's introduction, I reached out to Treasury Secretary Paulson about getting our fiscal house through more than a dozen letters from July 12, 2007, to April 10, 2008, updating the administration on progress that was being made with the bill. I submit for the Record a sample of that correspondence. I have been encouraged with the growing support for the SAFE proposal from leading newspaper editorials to think tanks to syndicated columnists to business organizations. I

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remain deeply disappointed that this idea was not embraced by Secretary Paulson. I hope that the Obama administration will understand the urgency for bipartisan action to address this nation's long-term budget challenges, especially as we deal with the current financial crisis, for the sake of our children and grandchildren.

House of Representatives,

Washington, DC, July 12, 2007. Hon. Henry Paulson, Secretary, Department of the Treasury, Washington, DC. Dear Secretary Paulson: As you know, Senator Voinovich and I reintroduced the Securing America's Future Economy (SAFE) Commission Act in January. I wanted to follow up with you and share the enclosed letter I wrote to the president asking that the administration embrace this idea. I think about our children and grandchildren and it is     disheartening that critical issues are falling by the wayside because Congress today is so polarized. I believe that a     bipartisan commission operating outside the halls of Congress that would mandate action is the answer to getting our fiscal house in order and diverting financial crisis in this country. The SAFE Commission bill has 32 cosponsors to date. I am     committed to continue working with my colleagues to enact this legislation on a matter of such importance to our nation's future. Best wishes. Sincerely, Frank R. Wolf, Member of Congress. ____

House of Representatives,

Washington, DC, August 3, 2007. Hon. Henry Paulson, Department of the Treasury, Washington, DC. Dear Secretary Paulson: I read your recent comments about reaching the statutory debt limit as early as October. I have always voted for the limit increase but am seriously considering voting against it this year because of the lack of leadership by the administration in taking steps to change the country's current financial path. I truly believe that this administration has the ability to change our course. I am not writing to you today as a Republican or a     Democrat, but as a father and grandfather. Lawmakers on both sides of the aisle understand the enormity of this issue and the impact that will be felt for generations to come. It's     disheartening that the partisan political divide in Congress is so consuming that issues with such high stakes continue to     languish. That's why I have introduced the Securing America's Future Economy (SAFE) Commission Act, which would establish a     bipartisan commission and put everything--entitlement, tax policy, and other federal spending--on the table for review. This administration can offer hope and start to remedy our fiscal prognosis, brightening the horizon for our children and their children. It is critical that they have all the opportunities the Greatest Generation made possible for you and me. Our grandchildren should set ambitious goals, and believe that hard work will be met by opportunity. We have a moral obligation to address the long-term fiscal challenges ahead. I know you are a good person and want what is best for America. With your leadership and vision, progress can be     made. Best wishes. Sincerely, Frank R. Wolf, Member of Congress. ____

House of Representatives,

Washington, DC, October 22, 2007. Hon. Henry Paulson, Department of the Treasury, Washington, DC. Dear Secretary Paulson: Just wanted to update you on the SAFE Commission legislation since I reintroduced the bill with Jim Cooper three weeks ago. The measure has gained bipartisan support with over 40 cosponsors--split evenly between Democrats and Republicans from members of the Republican Study Committee to three of     the four Blue Dog Coalition co-chairs I believe that support for this measure will continue to grow. You may have read that the first baby boomer signed up for promised Social Security benefits last week. Our nation's     "long term" deficit problem has arrived. We should he concerned that last Monday the U.S. dollar hit an all-time low in the wake of a major housing recession and enormous trade deficits. We should care that the value of the dollar has been dropping against the Canadian dollar, the Euro and the Japanese yen. What will it take for us to address these issues? The SAFE Commission fits into what this administration claims to stand for and will ensure sound financial footing for generations to come. I have enclosed information on the bill since its reintroduction including a list of current cosponsors. Please give serious consideration to the SAFE Commission Act. Best wishes. Sincerely, Frank R. Wolf, Member of Congress. ____

House of Representatives,

Washington, DC, October 25, 2007. Hon. Henry Paulson, Secretary, Department of the Treasury, Washington DC. Dear Secretary Paulson: As meritorious as the Administration's argument is with regard to the $21 billion in discretionary spending it is relatively insignificant compared to the massive entitlement spending problem. It is     like comparing a mouse to an elephant. Our SAFE Commission bill represents all that the Administration says it cares about, including more than 50 bipartisan cosponsors (see list). Failing to address this issue is like driving a car toward the edge of a cliff with no brake pedal. Best wishes. Sincerely, Frank R. Wolf, Member of Congress. ____

House of Representatives,

Washington, DC, November 1, 2007. Hon. Henry Paulson, Department of the Treasury, Washington DC. Dear Secretary Paulson: I am deeply troubled that this Administration is missing an opportunity to do something so     powerful for our children and grandchildren. Best wishes. Sincerely, Frank R. Wolf, Member of Congress. ____

House of Representatives,

Washington, DC, November 14, 2007. Hon. Henry Paulson, Department of the Treasury, Washington, DC. Dear Secretary Paulson: As a follow up to our conversation last week about the SAFE Commission. I want you to know that Roy Blunt has also signed onto the bill. The Cooper-Wolf SAFE Commission has over 50 bipartisan cosponsors including Republican leadership in the House (see     enclosed). We are waiting for the Administration to support this effort to rein in entitlement spending. Best wishes. Sincerely, Frank R. Wolf, Member of Congress. ____

House of Representatives,

Washington, DC, December 5, 2007. Hon. Henry Paulson, Department of the Treasury, Washington, DC. Dear Secretary Paulson: Enclosed is a letter I recently received from Ben Bernanke about our nation's fiscal imbalance, reiterating. ". . . if early and meaningful     action is not taken, the U.S. economy could be seriously      weakened, with future generations bearing much of the cost." Your administration deserves credit for its work in the past to address the entitlement reform issue. Our parents told us that if at first you don't succeed, try, try again. I     am asking that the SAFE Commission be that second try. Best wishes. Sincerely, Frank R. Wolf, Member of Congress. ____

House of Representatives,

Washington, DC, January 17, 2008. Hon. Henry Paulson, Department of the Treasury, Washington, DC. Dear Secretary Paulson: Between July 19 and December 10, 2007, I wrote to you nine different times about the unsustainable financial path our country is on, and the bipartisan SAFE Commission as a potential way forward to rein in entitlement spending. I have respectfully asked for the administration's support because of the critical importance of taking action now. I am disappointed that the administration is missing this opportunity to bring about a renaissance in America, giving hope to future generations and ensuring that our children and grandchildren can live in a world where hard work will be met by opportunity. Best wishes. Sincerely, Frank R. Wolf, Member of Congress.

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