National Debt

Reducing our national debt and putting our finances on a healthy long-term trajectory is vitally important. Left unchecked, growing debt will eventually lead to larger and larger interest payments, which will make it difficult to continue to fund the essential programs that provide great benefit to our country. Deficit reduction is also a major competitiveness issue. Meaningful progress on deficit reduction will strengthen our position on the global market and help our businesses grow. 

To reduce the deficit, I support an approach that includes additional revenues, Social Security and Medicare reform, and investments in the future. There are three simple steps Congress can take to reduce the deficit in a fair, balanced, and responsible manner. First, we can generate more revenues by closing certain corporate tax loopholes and imposing a “Buffett” style rule on individuals making over $1 million dollars in annual income. Second, by raising the cap on Social Security taxes, and adjusting the retirement age for those not engaged in manual labor, and reforming cost of living adjustments, we can strengthen Social Security for decades to come in a fiscally responsible way. Of course, these reforms should not affect current beneficiaries, but rather should be phased in gradually over time. Finally, we can adjust discretionary defense spending up and down as necessary to reflect our priorities as a country.

With this framework, we can manage our fiscal trajectory in the short term (years 1-10) and long term (years 11-20) while also investing in children, protecting those left behind, and protecting our nation.