Addressing Our Nation’s Debt

With our debt quickly approaching $17 trillion, our nation is on an unsustainable path. Instead of making tough choices about spending and entitlement reform – mandatory spending that accounts for roughly 60 percent of yearly, dedicated spending – we borrow more than $1 trillion a year. This borrow and spend mentality is impractical, unacceptable, and without leadership to change course, a sure recipe to end up in the same financial dire straits as Greece and Spain. The House has already put our ideas on the table for balancing the budget and lowering our long-term debt. Yet facing this crisis, the current Administration has failed to release a proposal that brings the budget deficit into balance. To lower the debt, we need to decrease the size of government and cut spending across the board. Every agency in the government needs to do their share to help us out of this mess. We need a complete overhaul of the tax code so that it’s fairer, flatter, and simpler for everyone — no more loopholes that allow large corporations to pay nothing, and asks families and small businesses to pay too much. Coupled with significant spending cuts, we need to grow the economy to get more people back to work who in turn will pay more taxes to help lower the debt.