Deficits and Debt
In mid-2011, our national debt surpassed a record $16 trillion!
It should be clear to everyone that we have to stop spending borrowed federal dollars like there is no tomorrow! If you reach your spending limit on a credit card, you can't ask the company to increase your line of credit, you have to make fiscally responsible decisions to pay down your debt.
The President has now proposed four budgets since taking office. Each of the four proposed more than $1 trillion in higher taxes on hard-working families and businesses, along with trillions in new spending and borrowing instead of a real strategy for growth and jobs. And — most disappointing of all — none of the four offered a credible plan to lift the crushing burden of debt, thus committing current and future generations to diminished prosperity.
Although the White House claims that the most recent budget includes trillions in deficit reduction, the President’s budget actually contains virtually no credible deficit reduction at all. Under his plan, the government is projected to borrow another $11.2 trillion over the next 10 years and does not change our debt trajectory.
While the Senate has failed to pass a budget in over three years, the House has approved budgets that generally:
- Cuts government spending to protect hardworking taxpayers;
- Tackles the drivers of our debt, so our troops don’t pay the price for Washington’s failure to take action;
- Restores economic freedom and ensures a level playing field for all by putting an end to special-interest favoritism and corporate welfare;
- Reverses the President’s policies that drive up gas prices, and instead promotes a strategy for unlocking American energy production to help lower costs, create jobs, and reduce dependence on foreign oil;
- Reforms our broken tax code to spur job creation and economic opportunity by lowering rates, closing loopholes, and putting hardworking taxpayers ahead of special interests.