Issue Position: Fiscal Responsibility

Issue Position

Balancing the Federal Budget and Reducing the National Debt

Like most Idahoans, I am troubled by the United States' growing debt. The impact of an ever increasing debt, if allowed to grow unchecked, can be disastrous for the economy. I am especially concerned that future generations of Americans will probably be the ones expected to pay down this debt. Unfortunately, without serious efforts to turn our debt crisis around, it is likely that the Treasury Department will be forced to continue to sell vast amounts of debt to finance the prospected record budget deficits. If we want to improve economic conditions in this country, Congress must act responsibly in the short-term to avoid being forced to purchase more debt, which puts the long-term health of the economy in jeopardy. This means drastically reducing discretionary spending, reforming entitlement programs, which are the major drivers of our debt, and fundamentally reforming our tax code. It also means passing a balanced budget Amendment to the U.S. Constitution.

BALANCED BUDGET AMENDMENT TO THE CONSTITUTION
I am an original cosponsor of H.J.Res. 2, a resolution that proposes a balanced budget amendment to the U.S. Constitution. In addition to directing the President to submit a balanced budget to Congress annually, H.J.Res. 2 requires that any federal spending beyond debt repayment which exceeds revenues for the year be authorized by a three-fifths vote of Congress.

ENTITLEMENT REFORM
Since becoming the majority party, House Republicans have taken major steps to drastically reduce discretionary spending. I recognize, however, that this is only the first step in addressing our budget woes. If we are serious in getting our fiscal house in order, we must carefully examine mandatory programs that are not a part of the annual budget--and make up almost two-thirds of federal outlays--but which continue to grow at a rate that is quickly becoming out of control.

Reforming these entitlement programs, including Medicare and Social Security, will require both Members of Congress and the American people to make some decisions that they would rather not have to make. These programs must be reformed, not only because they are creating huge yearly budget deficits, but also because, left alone, they will collapse under their own weight, leaving today's young people without future benefits.

For over a decade I've said that the out of control debt is the number one danger to the future prosperity of this country, and we need to turn our economy around before time runs out.

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