[Congressional Record (Bound Edition), Volume 156 (2010), Part 6]
[House]
[Pages 8100-8101]
[From the U.S. Government Publishing Office, www.gpo.gov]




                             HARVARD STUDY

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)

[[Page 8101]]


  Mr. PITTS. Madam Speaker, the Federal Government is deep in debt and 
digging fast. We all know the importance of balancing the Federal 
budget, but we disagree on how to do that. How can we reduce the 
deficit without hurting our economy? Do we cut spending, or do we raise 
taxes?
  I have here an analysis from two Harvard professors looking at how 
large changes in fiscal policy affect deficits and economies. Their 
research shows that ``fiscal adjustments based upon spending cuts and 
no tax increases are more likely to reduce deficit and debt over GDP 
ratios than those based on tax increases.''
  The authors looked at decades of economic data around the world and 
came to the conclusion that it is best to go about reducing large 
deficits through government restraint and spending cuts.
  Some think that we can keep spending recklessly, raise taxes, and 
balance the books. This study shows that we must get our spending under 
control. Raising taxes only kills jobs in our economy, leaving the 
government in an even worse fiscal situation.
  This study is available on my Web site. I encourage all to examine 
it.

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