Debt and Spending
Runaway federal spending, deficits, and debt are a barrier to our economic recovery. The exponential growth of the federal deficit threatens the future of our children and grandchildren. With our nation now more than $18 trillion in the red, there has never been a more urgent time to stop spending money we don’t have. Sadly, more than a third of our historic debt was compiled under the current Administration – more debt than was accumulated in our nation’s first 200 years combined. This dangerous milestone is a reminder that the only way to take our nation off the fast track to bankruptcy is with new policies, in a new direction.
Our record-high debt is as much the result of failed leadership as it is failed policies that grew government instead of our economy. We must change course. We must enact commonsense reforms like the House Republican budget if we are to strengthen our economy today and save the American dream for the next generation.
Budget: I am working to advance a plan of action for American renewal. This budget:
Cuts government spending to protect hardworking taxpayers
Tackles the drivers of our debt
Calls on Congress to pass a balanced budget amendment to the Constitution
Reverses the President's policies that drive up energy prices, and promotes an all-American strategy for energy production to help lower costs, create jobs, and reduce dependence on foreign oil
Strengthens health and retirement security by taking power away from government bureaucrats and empowering patients with control over their own care
Calls for a fairer, simpler tax code to promote job creation and a healthy economy
Calls for reforms to the regulatory system to improve transparency, efficiency, effectiveness, and accountability
Balanced Budget Amendment: To cut spending, I led a successful fight to ban wasteful earmarks. Now we must pass a constitutional balanced budget amendment to force Washington to stop spending money it doesn’t have. The certainty such an amendment provides would help create a better environment for job creation across the country.
We need to get serious about changing the way we spend money in Washington. Implementing long-term reforms will make sure we never again face a debt crisis like we do today.
Tax Reform
Now more than ever, Minnesota families and businesses should be allowed to keep more of their hard-earned money. The less money kept by individuals and job creators, the slower our economic recovery. Accordingly, Congress must work toward creating an environment that helps families by preserving tax relief and providing economic certainty so private sector employers can create jobs and put some of the millions and millions unemployed Americans back to work.
We cannot solve our debt and spending problem by increasing taxes. The current tax code is far too complex. It contains too many deductions, exemptions, and loopholes and rates for many Minnesotans are too high.
I favor a simpler tax code that puts us on the path toward economic prosperity for all Americans. Actual, fundamental tax reform should be part of any serious solution to our nation’s fiscal challenges. The time is long overdue for the Administration and the Senate to finally realize the severity of our debt crisis and work with the House to create economic certainty and fuel job creation through tax reform.
