Like most Americans, I am gravely concerned by the out-of-control spending and borrowing in Washington, D.C., which continues to grow day by day, increasing the debt burden on our children and grandchildren, with no sign of interest by Congress or the White House.
President Obama and Speaker Pelosi said they were going to solve an economic crisis caused by too much spending and borrowing with more spending and borrowing -- and the results speak for themselves. Since January 2009, the national debt has grown by $2.5 trillion, and it continues to grow by $5 billion per day -- three times the pace of the previous Administration. Today, the national debt is at $13 trillion (or $44,000 per person). And according to the President's own Budget Director, we are expected to borrow $10 trillion (half of it from other countries, especially China) over the next 10 years. That is unacceptable.
To get our fiscal house in order, I am advocating putting an immediate end to unused stimulus funds (saving $250 billion), returning federal spending to Fiscal Year 2008 levels (saving $350 billion), terminating the Wall Street bailout, and repealing the $1.3 trillion radical health care bill. That will stop the problem from getting worse, but to truly solve the problem, we also need pro-active constitutional reforms. I am a champion for a balanced budget amendment, a line-item veto, and a constitutional amendment to limit government spending to 20% of the U.S. economy (it's 27% today).