There is a spending problem in Washington and it is long past time the federal government stepped up with solutions to our fiscal crisis. I stand ready to work with my colleagues to rein in this excess and get our nation’s fiscal house in order.
Currently, the United States national debt is more than $27 trillion dollars. Unless Congress acts, CBO projects, growing budget deficits will increase the debt sharply over the next 30 years. The projected budget deficits are projected to boost federal debt to 104 percent of GDP in 2021, to 107 percent of GDP (the highest amount in the nation’s history) in 2023, and to 195 percent of GDP by 2050. I have long been in favor of a Balanced Budget Amendment, which would ensure long-term fiscal responsibility by requiring the federal government to spend no more than it takes in.
Federal law requires Congress to produce a budget each fiscal year to set spending limits. Under normal process 1) the President submits a budget proposal to Congress, 2) both chambers produce their own budget resolution, and 3) Congress passes appropriations bills that set the spending levels. Unfortunately, implementing the budget process is always much more complicated. I would encourage you to review this report by the Congressional Research Service for a more detailed analysis.
The House Budget
The federal government must solve its debt crisis by bringing spending in line with taxes – not taxes in line with spending. This duty is fulfilled through adoption of a budget resolution. During my time in Congress I have supported budget resolutions that would achieve trillions in deficit reduction over a ten-year window. Unfortunately, Speaker Pelosi neglected to produce a budget resolution for consideration for the past two years. Congress needs to put forward a plan to correct our unsustainable fiscal path. Failure to do so will result in a fiscal crisis which will adversely affect every American family. To learn more, please visit the House Budget Committee website.
More on Federal Budget
Congressman Tim Walberg (R-MI) introduced the first piece of legislation the Taxpayers Right-To-Know Act on Tuesday. The legislation was then passed unanimously on Wednesday.
The legislation H.R. 71, will provide the American people with a better understanding of how their tax dollars are spent. It requires each federal agency to annually report online and inventory of its federal programs and provide a description and cost of each program.