We Can’T Borrow Our Way To Prosperity

Advertisement

On Tuesday, May 31, I voted, along with the majority of House members, against H.R. 1954. This bill sought to implement the president’s request to increase the statutory limit on the public debt by a whopping $2.3 trillion.

Considering we are already $14.3 trillion in the hole, I find it unrealistic, imprudent and immoral to increase our debt and further endanger our future. Getting a hold on spending and borrowing was exactly the kind of vote I was sent to Washington to make.

I was sent to rein in federal spending and stop the growth of the deficit. This vote was an important step in our fight to restore fiscal sanity. And it was an important message to the country, and to Wall Street, that this Congress is here to make changes and get our financial house in order.

I find it completely unacceptable that the president is asking us to borrow money from

foreign creditors in order to ... pay back the interest on loans from foreign governments? Just like you and me, it is time the federal government re-learns how to make a budget and then live within that budget. The government collects trillions in taxes; it does not need to borrow more.

The debt ceiling issue is not over. The president, and the secretary of the Treasury, claim that if the debt ceiling is not raised there will be a financial “catastrophe.”

Many others dispute this, and contend that by stopping reckless borrowing and spending we will avoid a sovereign debt crisis.

This is not an easy issue to resolve with certainty, but it could not be more important to the future of our country. I do know that raising the debt ceiling without cutting spending, capping debt as a percentage of GDP and enacting a balanced budget amendment will simply lead us further down the road to insolvency.

It is time to get our financial house in order. This is not about partisan politics, but about Main Street America who has lost its buying power and is feeling the economic effects of Washington’s out of control spending.

The national debt is not a Republican issue nor is it a Democrat issue. It is a national problem, one that each and every one of us must address.

We now owe over $14.3 trillion in borrowed money. We owe it to ourselves, and our children and grandchildren, to stop the reckless borrowing. It is time to stop the borrowing, stop the spending and stop the bleeding of our economy.

More spending and more debt is not the answer to our fiscal problems. This is a time to grow our economy, not our debt. We have to identify what the government is constitutionally obligated to provide and separate that which is simply nice. We also need to eliminate waste, fraud, and abuse in our federal government. My time on the Oversight and Government Reform Committee has demonstrated that there is far too much waste within these government agencies, but it alone cannot be the answer. It will require spending cuts and growing our economy by creating jobs. I will continue to support this multifaceted approach to rebuild the American Dream.

I encourage you to reach out to my office and share your thoughts and ideas so that I can better serve you. With your help we can develop an economic plan with, and for, the American people.

Comments

Use the comment form below to begin a discussion about this content.

Requires free registration

Posting comments requires a free account and verification.