Spending/Debt

Like most Americans, I am gravely concerned by the federal government’s out-of-control spending and borrowing which is harming our economy today and threatening the future of the American Dream.

President Obama has tried to solve an economic crisis caused by too much spending and borrowing with more spending and borrowing – and the results speak for themselves. Since he took office, the national debt has grown by $5 trillion (three times the rate of the previous Administration), reaching a total of $15 trillion (or $49,000 per person). If current trends continue, the national debt will reach $22 trillion in 10 years. This mountain of debt has weighed down our entire economy, causing uncertainty and high unemployment.

The only way to get our fiscal house in order is to reduce government spending. Washington has a spending problem, not a revenue problem. The Budget Control Act of 2011 caps federal discretionary spending, saving $2.4 trillion in projected government spending over the next decade. But we need to do more. I am a strong champion for a balanced budget amendment, a line-item veto, and a constitutional amendment to limit government spending to 20% of the U.S. economy (it’s about 25% today). These institutional reforms are critical to America’s future.