Government Spending & Budget
Not since World War II have federal deficits grown at such a rapid pace. The national debt hit the $15 trillion mark in November 2011. This is unprecedented and unacceptable. Since President Obama took office the national debt has increased by $3.7 trillion. To put that in perspective, it took the U.S. 216 years, from 1776 until 1992, to accumulate the same amount of debt that the President has borrowed in 2.5 years. The grim realities of our dangerous fiscal situation could not be clearer. Across the globe we are witnessing firsthand the perilous ramifications of fiscal irresponsibility. We as a country must act now if we want to maintain our standing as the globe’s leader of power and prosperity.
Under the President’s proposed budget this year, annual budget deficits would average around $1 trillion for the next decade. That level of spending is simply not sustainable for our country.While the deficits forecasted are foreboding, even more alarming is the continued growth of our national debt if this spending continues. Our national debt will almost double and reach $25.8 trillion by 2020 under the projected spending levels of the Administration. It's time to get our fiscal house in order.
Balanced Budget Amendment to the Constitution
Washington needs to bring spending under control and enact commonsense balanced budgets. I support the Balanced Budget Amendment, H. J. Res. 1, which would enact a constitutional amendment requiring that Congress balance the books. I think commonsense and immediate steps like these are needed if we are to truly get our financial house in order.
In addition to the Balanced Budget Amendment, I support all efforts to cut wasteful or unnecessary programs and reform every department in the government to make them more efficient. We simply cannot have all parts of our government growing in perpetuity with no checks on the spending levels. We also cannot continue using taxpayer dollars to bailout companies and banks that make poor business decisions. The idea of “too big to fail” is a flawed one that must not be allowed to become standard policy.
Path to Prosperity Budget
Recently, The House of Representatives passed the “Path to Prosperity,” which is a bold budget plan for the Fiscal Year 2013 budget. Given our nation’s current economic situation, expenditures of taxpayer dollars at all levels must be closely scrutinized. Congress must save taxpayer dollars while properly funding the nation's priorities. This is a tough task, but we must get our fiscal house in order. The federal government is consistently operating on unsustainable deficits, we have a dangerous $15 trillion and climbing national debt, and absent reform, it is a mathematical impossibility for government programs to fulfill their promises in the 21st century. However, if we act now, an American debt crisis is preventable.
The Path to Prosperity Budget cuts spending to sustainable levels and puts us on a path toward a balanced budget and a brighter future, while protecting and preserving our country’s vital safety nets, especially for our seniors. His budget also reforms our tax code so that it is fairer, simpler and more competitive, helping American businesses hire and expand. We can no longer ignore the very real consequences of our current fiscal course. We have two futures to choose from: a future of greater doubt, debt and decline, or one of greater strength, opportunity and prosperity.