One of the most pressing issues of our time is our national debt. Right now, the federal government borrows 43 cents out of every dollar it spends, contributing to a massive debt that already exceeds $15 trillion.
Getting a handle on our debt situation means we need to do three critical things. First, we need to stop spending money we do not have. If there is spending we feel is necessary, then we must offer ways to pay for it.
Second, we need to cut government spending to balance the budget. In order to do this, we need a responsible federal budget, but the Senate has not passed a budget in over 3 years. We need a serious budget that will tackle our economic crisis, work towards job creation, and provide for the security of future generations.
Finally, we need to put reforms in place to make sure that we never find ourselves in this debt situation again. We can do this by enacting a Balanced Budget Amendment, reimposing caps on spending that have teeth, instituting a real pay-as-you-go rule that is honored, and permanently ending earmarks.
On June 5, 2012, CBO released its annual Long-Term Budgetary Outlook. To learn more about this report, click here.
On February 1, 2012, I cosponsored the Honest Budget Act which would put an end to budget gimmicks that make it easier for Washington to spend money it does not have.
In December, 2011, I cosponsored the No Budget No Pay Act, a bipartisan bill that would stop congressional pay if Congress refuses to pass a budget by the beginning of a fiscal year.
On November 13, 2010, Senate Republicans agreed to not request any earmarks in the 112th Congress. Read more about it here.
On March 31, 2011, I joined my Republican colleagues in introducing a Balanced Budget Amendment to the U.S. Constitution.
CBO released its periodic long-term budgetary outlook on June 22, 2011. To read more about this, click here.
To read an opinion piece that I wrote and that ran in the Charlotte Observer on the debt ceiling debate, follow this link.