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Mr. WILLIAMS. Mr. Speaker, every business, every family, and every person in America eventually has to balance a budget. I am a small business owner; I still own a business. I have owned and operated my business for 41 years, and I balance my budget every month--and in many cases every day. The government should be no different.
Now, until we balance our budget, we don't know the true fiscal condition of our country, or our company, or our family. Just like a business that is overleveraged or a family that has overborrowed, deficit spending can obscure the real picture; but eventually the truth comes out. Once the numbers line up, you get an exact view of your fiscal condition. We've gone far too long without knowing our country's financial condition.
In the last 4 years, we've had trillion-dollar deficits. In 2011, our Nation's credit rating was downgraded. This year, our publicly held debt is on track to exceed 76 percent of GDP in 2013. Yet we still spend more money that we don't have, pushing the country towards a debt-driven financial crisis. If the Federal Government didn't have the ability to print money, we'd have a negative net worth, and we'd be in a weak financial position.
A budget is a blueprint. A budget is a roadmap; it's a plan. Our Nation's budget doesn't need to have balance as its end goal; it needs to be our starting point. It's the only way to guarantee that the public debt will not outgrow the economy, which would certainly crowd out private investment, raise interest rates, and increase inflation.
Now, I'm proud to stand in support of the Path to Prosperity. It's a responsible, balanced budget that is right for America. This budget balances, cuts wasteful spending, and fixes our broken Tax Code--all without raising taxes.
I applaud Chairman Ryan and my colleagues on the House Budget Committee for their tremendous work in presenting the American people with what they want--a budget that works. With this plan, we will apply the same principles that families and businesses use every day.
I predict our country's best financial days will surely be ahead of us, because unlike our Democratic friends, we balance. It means jobs, it means prosperity, and it means opportunity. Small business and the people of America are begging for this budget.
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