Time to Get Serious on the Deficit
During President Obama's State of the Union address, he talked about the severe debt our nation has and I applaud him for that. But I wish he had underscored more forcefully the danger of the situation. He called for a budget freeze for the next five years, but simply freezing spending at current levels is like setting the cruise control on a car that is speeding toward a cliff.
In the last two years, federal spending has ballooned by nearly 25 percent. This year the government will spend $3.8 trillion, but will only take in $2.2 trillion in taxes. To make up that gap, we will borrow $1.6 trillion. This kind of borrowed spending simply cannot go on.
The president and Congress have several opportunities in the coming weeks to show we are serious about dealing with our debt. Next week, the White House will unveil its 2012 budget. A few weeks later, Congress will vote on how to fund the government and shortly after that, Congress will vote to raise the ceiling on our national debt above its $14.3 trillion cap.
Speaking to the Idaho Senate - 02/09/11 I support several proposals to address our spending including the adoption of a balanced budget amendment and a substantial roll back of our budget levels. This should be achievable since President Obama and the Democrat-controlled Congress increased spending and the size of the federal government by 25 percent over the past two years. I opposed those budget increases.
In Idaho, we operate under a balanced budget requirement and, right now, Governor Otter and the legislature are working through that difficult process. Balancing Idaho's budget each year is not easy, but by making very difficult decisions each year, Idaho does not kick today's financial problems down the road for future generations to resolve like the federal government does.
Budget troubles are not something new or unique to government. Families and businesses deal with these issues every day. When money gets tight, they don't maintain spending at current levels. They sit down, reassess their priorities and move forward accordingly. It is time the president and Congress do the same.
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