Overspending by politicians in Washington, D.C. has put our country on an unsustainable fiscal path. We are now faced with the tough decisions to stop record-breaking deficits and out of control spending.
Our nation currently carries more than $14 trillion in debt. That is equal to more than $45,500 per American. We are borrowing more than 40 cents of every dollar, much of it from foreign countries. We cannot continue to spend money we do not have.
It is not easy to trim any budget, whether it is that of a household, a business or the federal government. However, we need to prioritize our spending in order to protect the financial future of our nation. One step toward this is a balanced budget amendment, which requires the federal government to not spend more than it receives in revenues. I co-sponsored this amendment because it is a clear and simple way to institute some fiscal discipline in a place that often repels common sense.