Federal Budget

The United States government owes more than $8 trillion of debt, amounting to more than $28,000 for every American. This is a bleak financial situation that will only get worse if our leaders continue to raise the debt limit and run large deficits. Reckless spending is a serious threat to our long term economic security that jeopardizes future opportunities for our children and grandchildren.

As a member of the Blue Dog Coalition, a group of fiscally conservative members in the House, I am committed to passing a balanced budget. We cannot continue to finance our debt by borrowing money from foreign nations like Japan and China. This not only costs taxpayers billions of dollars a year in interest payments, but puts our country in a vulnerable position. The more control foreign governments have over our finances, the more susceptible we are to a national security threat.

I have faith in this country and in the people who work hard to make sure we succeed. But continued deficits only place high hurdles in front of future generations. There isn't a family in this country who does not understand, that when you spend more money than you take in, you eventually go broke. Instead of borrowing $1 billion a day, it is time we found ways to trim government spending and enact the same fiscally responsible pay-as-you-go legislation that pulled America out of the last round of record deficits in the 1990's.

The Blue Dog Coalition has prepared a 12 Step Budget Reform Plan for restoring fiscal integrity to the United States government. Our recommendations include:

1. Require a balanced Budget
2. Don't let Congress buy on credit - Pay as you go
3. Put a lid on spending
4. Require federal agencies to put their fiscal houses in order
5. Make Congress tell taxpayers how much they're spending
6. Set aside a rainy-day fund
7. Don't hide votes to raise the debt limit
8. Justify spending for pet projects
9. Ensure that Congress reads the bills it's voting on
10. Require honest cost estimates for every bill that Congress votes on
11. Make sure new bills fit the budget
12. Make Congress do a better job keeping tabs on government programs

Congressional Research Service Reports

• The National Budget: Who Bears its Burden?
• The Federal Budget Deficit: A Discussion of Recent Trends
• Foreign Holdings of Debt
• The Budget for Fiscal Year 2007

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