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 $22 trillion dollars. Unless Congress acts, CBO projects, growing budget deficits would boost that debt sharply over the next 30 years; it would approach 100 percent of GDP by the end of the next decade. You may find up to the minute numbers here. 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. In June 2018, the House Budget Committee approved its fiscal year 2019 budget resolution, which would achieve $8.1 trillion in deficit reduction over ten years and slow the growth of our national debt. To learn more about the House efforts, please visit the House Budget Committee website.
Fiscal Year 2019 Appropriations Status Tracker
08/21/2018 – CBO Report: Deficit Reductions Necessary to Meet Various Target for Federal Debt
06/26/2018 – CBO Report: The 208 Long-Term Budget Outlook
04/12/2018 – Roll Call Vote: H.J.Res.2 – Proposing a balanced budget amendment to the Constitution of the United States
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.