The runaway federal spending of the last decade has turned the record surpluses of the 1990s into record deficits. Today we have reached a crisis point. As our economy slowly begins to recover, we must carefully balance stimulating the economy with targeted tax breaks and critical infrastructure spending with the kind of fiscally conservative budget policies that will reduce the national debt. That is why I have voted twice against raising the ceiling on the national debt, and voted in favor of PAYGO legislation, which requires that every dollar in new federal spending be offset by a cut somewhere else.
I also introduced the War on Debt Act to provide a new solution to the problem of foreign held debt. By taking our debt out of foreign hands and selling War on Debt Bonds to Americans, we can encourage savings at home while limiting the effect that foreign powers can have on our economy. Furthermore, repatriating our debt will encourage China to revalue its currency, which will make American manufacturing more competitive and create new jobs across Upstate New York. The legislation would also create limits on new debt that would prevent us from getting in this position again.