Budget and Spending
Your share of America’s national debt is $55,414.
The average personal debt per U.S. citizen is just $51,708.
Washington’s spending spree is out of control. The latest reports from the Congressional Budget Office find that between 2009 and 2012, the federal government had the largest deficits relative to the size of the economy since World War Two. Clearly, this path is unsustainable.
This is about more than just big numbers. Runaway government spending and huge debt hurt the economy, kill jobs, and make life more expensive.
Hardworking American families make difficult choices about their household budgets every day. But Washington politicians and bureaucrats don’t know the meaning of the word “no.” Now is the time for them to learn.
In December, I helped pass the Bipartisan Budget Act, a two-year agreement that reduces the deficit without raising taxes and cuts wasteful spending. The House of Representatives regained the “power of the purse” and brought certainty for the American people.
Unfortunately, Senate Majority Leader Harry Reid refuses to address Washington’s spending problem. In fact, Senate Democrats have not passed a single appropriations bill this year and have only passed one annual budget since President Obama first took office. Congress has a Constitutional duty to pass a budget, but Senate Democrats consistently shirk their responsibility.
Our economy is suffering through the worst recovery since the Great Depression, weighed down by excessive regulations and President Obama’s expensive yet failed stimulus policies. If we continue on the current trajectory, our economy will only get weaker. Out-of-control government spending, combined with a stagnant economy, make it even harder for businesses to grow and create new jobs.
America’s mammoth national debt has not only led to slower economic growth, but hinders our ability to meet new challenges in the future. The burden we are imposing on future generations is irresponsible, selfish, and dangerous.
Federal programs play an important role in our society, but we must realize that unsustainable debt and increased taxes will cause great damage to our economy. If left unchecked, Washington’s spending problem will lead to:
- Higher interest rates on mortgages, car loans, student loans, and credit cards
- Increased dependence on China and other foreign lenders
- Reduced purchasing power for American families
- Pain for the poor and middle class, who are less insulated from economic troubles
Americans want jobs, steady economic growth, and a federal government that lives by the same rules as ordinary American families. As your Congressman, that’s what I’m fighting for in Washington.
America should own its future, instead of our future being owned.