If someone asked you to pay full price for a roof repair now, on the promise they will do the repairs over the next ten years, you probably wouldn't take that offer.
Yet, that's what the President is asking Congress to do in the raising the debt ceiling. He wants immediate tax increases in exchange the promise of reduced spending over the next 10 years. I don't think that's a very good deal.
Instead, I support the cut, cap and balance plan. This week, the House will consider this plan which will cut $111 billion from next year's budget. It would also cap future spending at under 20 percent of GDP. Finally, it would require a Balanced Budget Amendment to the Constitution.
Already 49 of the 50 states, including Missouri, have a balanced budget requirement. This amendment would require our federal budget to be in balance, unless three-fifths of lawmakers vote to spend more money than we have. This amendment would help return the government to fiscal responsibility.
It's become clear that Washington will not act to stop the chronic overspending unless it is forced too. A balanced budget amendment would give lawmakers and the President no option, but to balance its books.
Our debt is staggering. The tab for every man, woman and child is $46,000. We must get back on the path to fiscal responsibility. We need to take meaningful and serious steps to kick our spending habit.
Now is the time to cut, cap and balance our federal spending.
Sam Graves Signature