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We are a debtor nation and with the passing of every second, we are going deeper and deeper into debt.
Over $2 trillion of the GND is held by foreign interest. The largest holders being the United Kingdom and China. How did we end up with almost $9 trillion in debt? Spending increases, unnecessary programs, corporate tax cuts and of course, the biggest drain on the treasury, the so called “War on Terror”.
At the onset many held the belief that the “War on Terror” would be a war without sacrifice. We have sacrificed and we continue to sacrifice; we are paying for this War with the loss of American lives, decreases in international tourism dollars, the high cost of oil, and the pressure of budget cuts on other programs such as education, infrastructure, healthcare, and alternative energy research.
Together with Congress, the administration is responsible for ensuring that the debt is paid for by this generation and not our children or grandchildren’s generation. The only way this can be accomplished is to increase revenue, and inevitability, the only way to increase revenue and reduce the deficit without increasing taxes is to cut government spending on unnecessary programs, departments and special interest projects. Something this administration and our representatives in Congress are reluctant to act upon. Within two years, debt as a percentage of the economy is going to hit a fifty year high.
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I will introduce and support legislation to develop a plan to reduce our status as a debtor nation, ensure that future generations are not burdened by this generation’s unbridled spending and eliminate funding of unnecessary government programs.
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