Guest column submitted by U.S. Senator Mike Crapo
As our national debt now exceeds $19 trillion and as Congress prepares to establish budget frameworks for the coming year, the non-partisan Congressional Budget Office (CBO) has issued projections that require us to take notice of the ever-growing pit of debt our nation is amassing. We must get real and make the changes necessary to stop the growth of the national debt that seriously weakens our country.
CBO's projections speak to the magnitude of the problem.
Unfortunately, the President seems unwilling to recognize the enormity of problem. Instead, the Administration is pursuing a budget that continues to push for more growth in government and more unrestrained spending. The President's budget would increase federal spending by $1.24 trillion over the next 10 years, and would raise taxes by $4.51 trillion. We cannot spend our way into prosperity with borrowed money. As a member of the Senate Budget Committee, I will work with my colleagues to build on last year's passage of the first budget resolution conference report in years. The federal government must follow a balanced budget that stops the unsustainable growth of our national debt.
We must end this cycle of irresponsibility now. We must make changes that enable our country to grow and reduce this catastrophic level of debt. We must fix our broken, overly burdensome and complex tax code by simplifying it and lowering rates for all individuals, families and businesses. We must reduce federal spending and enact strong budget controls that prevent Congress and the President from spending beyond our means. We must stabilize our entitlement programs to maintain promises to protect current recipients, while strengthening the systems to guarantee solvency for future recipients. We must get real and confront this challenge head on, as ignoring it only enables it to worsen.
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