In 2011, our national debt was about $15 trillion, and the U.S. Treasury spent over $450 billion on interest. Washington was printing money it didnt have, buying its way out of yet another financial crisis and sending brand-new, taxpayer-funded subsidies to health insurance companies through Obamacare. It was clear then that this massive level of spending was not sustainable.
It was in this moment of explosive deficit spending that a new generation of conservative leadersâmyself includedârode into Congress on a mandate from the American people to restore fiscal sanity and financial freedom. I left my medical practice to stand for public office because I would not let our children and grandchildren be bankrupted by reckless politicians.
The fight for fiscal responsibility continues, and I plan to force a vote on my latest balanced budget proposalâthe Six Penny Planâlater this year.
But I regret to inform you that Congress has completely lost the plot.
The national debt has now surpassed $40 trillion. Congress now spends over $1 trillion on interest every year. Congress spends more on interest than on national defense. This enormous debt is contributing to rising interest rates and inflation, hurting every American. Its a blinking red warning lightâjust as bright and red as the ink on our budget documents.
Congress answer to this growing fiscal bomb? More of the same. Congress passed a continuing resolution earlier this summer to extend the status quo and will debate another extension before the end of this year.
The good news is that it doesnt have to be this way. When Congress takes up government funding later this year, it can pass my Six Penny Plan, which will balance the budget within five years.
$50 TRILLION IN DEBT IS NOT A DISTANT THREAT. AMERICA IS SPEEDING TOWARDS IT
No one can say he or she supports a balanced budget while voting against the only balanced budget that came up for a vote. No more empty promises. No more excuses. No more games.
The Six Penny Plan doesnt prescribe any particular program or budget category to be cutâit even specifically exempts Social Security from cuts. The Six Penny Plan simply sets a maximum spending level. What Congress wants to do within that maximum is up for debate. This budget reflects the basic questions of priorities many Americans have confronted at different points in their lives, whether because of unexpected expenses or a loss of income: Which expenses can Congress keep, and which can Congress cut? Under the Six Penny Plan, Congress needs to find a six percent cut each year for five years. After that, once the budget is balanced, spending can increase based on the additional revenue from economic growth.
