Our nation’s fiscal situation is dire. This year alone, Washington will deepen by $1.5 trillion our federal debt, which now totals nearly $16,000,000,000,000. This mountain of debt threatens the hopes and dreams of future generations. This is immoral. We must stop. I am willing to work with anyone in Congress who is serious about addressing the number one problem facing our nation.

Unfortunately, neither the Administration nor Democrats in the Senate have offered any serious budget proposal. This is irresponsible and worsens our fiscal peril. Until the president and Senate Democrats get serious, it will be very difficult to pass legislation to put us on the path of fiscal responsibility.

Unlike most states, the federal government is not required to balance its budget. I believe a balanced budget amendment to the Constitution would help bring fiscal discipline to Washington. We must also control the size of government by limiting federal spending to a percentage of our economy. Today, the federal government consumes almost 25% of our gross domestic product, or GDP. I have co-sponsored the CAP Act, that would establish spending caps to limit spending to a percentage of GDP.

These measures will require us to make tough choices and force us to prioritize spending for the first time in decades. It will not be easy, but it is necessary.