According to the Congressional Budget Office, this will be the third consecutive year in which the federal government is running a deficit near or greater than $1 trillion. The solution to the government's fiscal crisis must begin by cutting spending in all areas, particularly in those that can be better run at the state or local level. The fiscal crisis we face as a nation needs to be taken seriously, and addressed with decisive action.
While official Washington is sitting on their hands and ignoring the ever-expanding deficit, I am offering a real plan to rein in spending and address the looming debt crisis. The only way we can balance the budget is if we have real leadership, and the President has abdicated his leadership on this issue. It's time to take bold action to bring our country back from the brink.
On my first day in the Senate I was able to introduce a bill in the 112th Congress, I proposed S. 162, which would cut $500 billion from the federal budget within one year. The purpose of this legislation was not only to bring attention to the magnitude of our nation's fiscal crisis, but to begin a discussion on where such cuts should be prioritized.
It is time for our nation to address its fiscal problems, and it is the duty of lawmakers to introduce responsible legislation that will rein in spending. Just as American households must balance their checkbooks, the federal government should do the same. Therefore, I will soon propose a plan to balance the budget over five years, without raising taxes or touching Social Security or Medicare benefits for current retirees.
The size of the national debt has grown considerably over the past few years. We have seen currencies and countries fall under their unsustainable debt. In order to get our fiscal house in order and prevent potential catastrophe in this country, everyone will have to be willing to make sacrifices in their favorite programs. All areas of the budget should be on the table for consideration, and while I am not willing to compromise on whether or not cuts should be made, I am willing to compromise on which cuts should be made.
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Below is my bill to cut the federal budget by $500 billion in 2011.
Below is an overview of my proposal to cut $500 billion in federal spending.