Deficits and Debt
Our national debt is quickly approaching a record $20 trillion!
It should be clear to everyone that we have to stop spending borrowed federal dollars like there is no tomorrow! When you reach your spending limit on a credit card, you cannot expect the company to increase your line of credit time and again, you have to make fiscally responsible decisions to pay down your debt.
The President has now proposed seven budgets since taking office. Each of the seven 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 seven 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. According to the non-partisan Congressional Budget Office, under the President’s plan the government is projected to borrow another $6 trillion over the next 10 years. This is simply unsustainable.
The only way we can stop this reckless road to reaching new records of debt is to:
- Cut government spending to protect hardworking taxpayers;
- Tackle the drivers of our debt, so our children don’t pay the price for Washington’s failure to take action;
- Restore economic freedom and ensure a level playing field for all by putting an end to special-interest favoritism and corporate welfare;
- Reverse the President’s policies that drive up gas prices, and instead promote a strategy for unlocking American energy production to help lower costs, create jobs, and reduce dependence on foreign oil;
- Reform our broken tax code to spur job creation and economic opportunity by lowering rates, closing loopholes, and putting hardworking taxpayers ahead of special interests.