Washington, D.C. simply needs to get out of the way and create an environment for economic growth. We have a debt “ceiling” for a reason; spending must have limits, and we must adhere to them. With tough decisions, we can continue this nation on a track for a bright future. Through principled leadership we look to a hopeful future where our children and grandchildren will pursue the American Dream.
If you read this weekly update each week, you are familiar with the issues. You care about the future of this nation, the folks of your community, and your family’s future. On Monday, the Treasury Department announced that the United States had officially reached its debt limit. The simple truth is that Washington, D.C., has failed to be mindful of this country’s fiscal future. Washington, D.C. has spent more than we can afford. Just consider some of these facts:
The debt held by the public has more than doubled in the past 5 years.
The interest paid on the debt is currently projected to more than triple over the next 10 years and may alone consume all of our tax revenues by the middle of this century.
In April, for the first time since 1941, Standard & Poor’s (S&P) revised its outlook on the United States credit rating from stable to negative, citing the fear that Congress will fail to address the nation’s medium- and long-term budgetary challenges.
As China considers ceasing its purchase of U.S. debt securities, the International Monetary Fund has forecasted that the size of China’s economy will surpass that of the United States in 2016.
We are living in a challenging budgetary environment. Families are cutting budgets and being mindful of their fiscal futures and Washington, D.C. must do the same.
In my past votes, I have voted four times against raising the debt limit, and after the news of this week, we will likely vote soon on another bill to raise the debt limit. I cannot vote for another increase unless it is tied to true spending reform because we cannot keep borrowing money we don’t have. Imagine the future of our economy with a government that is truly held accountable and balances the budget each year. The entrepreneurs of this country are limitless in their innovative spirit to lead this country with new inventions and technologies in continued global success. That is the American dream. That is why I am a cosponsor of the Balanced Budget Amendment, which requires Congress and the President to pass and sign a balanced budget. I believe this amendment is simply common sense. This proposal would also limit spending to 1/5 of the gross domestic product (our economy’s total output each year) and require a 3/5 vote by both chambers of Congress to raise the public debt limit. Ultimately, our work is about putting power in the hands of the people, and getting those people back to work. Washington, D.C. simply needs to get out of the way and create an environment for economic growth. We have a debt “ceiling” for a reason; spending must have limits, and we must adhere to them. With tough decisions, we can continue this nation on a track for a bright future. Through principled leadership we look to a hopeful future where our children and grandchildren will pursue the American Dream.
In my travels around America’s First District this past week, so many of you have shared your thoughts about the future of this nation. We must continue to have a dialogue, and you must continue to speak your mind and have your voice heard. Please continue to share your thoughts with me by phone at 202-225-4261, by email on my website, www.wittman.house.gov or with social media: www.twitter.com/robwittman and www.facebook.com/reprobwittman. I appreciate your engagement on the issues and always look forward to your comments.
