Issue Position: Fiscal Responsibility

Issue Position

"We have to get our debt and deficit under control -- and the best way to do this is through a balanced approach that cuts spending, asks everyone to pay their fair share, and creates jobs. More jobs means more revenue and more revenue to invest back in our communities. I am committed to solving our fiscal crisis, and I will keep working to get our nation on a fiscally sustainable path."

It is important that the federal budget be managed in a fiscally responsible way, protecting vital programs like Social Security and Medicare and supporting job creation, while also tackling our national debt. That is why I have fought for pay-as-you-go budgeting (PAYGO). PAYGO ensures that the bills that Congress passes do not increase our debt. It requires that any spending increases or tax cuts be offset by cutting spending or increasing revenues. PAYGO was part of the reason we had a budget surplus in the late 1990s and early 2000s. However, in 2002 Congress allowed PAYGO to expire. This, along with two wars, tax cuts and a new prescription drug program -- all of which were unpaid for, coupled with the worst recession since the Great Depression, is part of the reason why our nation's debt is so large today.

A national debt of more than $15 trillion is a serious problem. The interest alone on the debt is more than $200 billion a year. This is more money than the federal government spends on transportation, education and veterans combined. This much debt jeopardizes the future of important programs like Social Security and Medicare. Having such a large debt also threatens our national security. Much of our debt is held by foreign countries who do not share our values.

We have to take a fair and balanced approach to reducing our debt. That means taking a hard look at everything and make sure taxpayers are getting the most bang for their buck. We have to get rid of programs that aren't needed, and if a program is needed we must make sure it's running as efficiently as possible. Also, defense spending has to be on the table.

It is also important that everyone pays their fair share. There is a growing gap between the wealthiest 1 percent of Americans and the rest of us. The top 1 percent of Americans earn more than 20 percent of our total national income, and own a third of our country's entire wealth. And the gap has gotten worse. In 1980 the average CEO made 42 times what a blue-collar worker made. Today it's 443 times what workers' median pay. This isn't sustainable.

I am committed so solving our fiscal crisis, and as your representative in Congress, I will keep working to get our nation on a fiscally sustainable path.

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