For every dollar Washington spends, 40 cents of that dollar is borrowed money. In the past three years alone, Washington has piled up nearly $4 Trillion dollars of new debt. That is more debt than was created from the beginning of our nation through the Presidency of Ronald Reagan. Our astronomical debt now exceeds America's gross Domestic Product and within the next 18 months, our national debt will reach about $17 Trillion. Spending in Washington is out of control. It is not sustainable. It has to stop. The only way to stop it is to cap spending, ensuring that Washington politicians can't flagrantly use spending loopholes. Paul will work with anyone, from any political party, that is serious about reducing the size, scope and cost of government. The most logical plan Paul has seen -- and can support -- is Cut, Cap and Balance.
Cut Cap and Balance cuts a reasonable amount for 2012; caps future spending with a statutory law; and sends a balanced budget amendment to the states for approval.