We are a debtor nation and with the passing of every second, we are going deeper and deeper into debt. Lets take a look at the national debt, the amount of money the government owes its creditors which is approaching $13.4 trillion, or nearly $43,134 for every man, woman and child in the country. About $9.3 trillion has been borrowed in public debt markets, much of it from foreign creditors, including China, Japan, the UK, Saudi Arabia and Iran, who hold the majority of the debt in the form of Treasury Bills, Notes and T-Bonds. When due, Interest on debt is credited back to holders. But where does that interest come from? Who pays the interest? In both cases, it’s the Government. Where does the Government get the money to pay the interest? Taxes it collects, and backed by the full faith and credit of the United States of America, the Government borrows additional money from public debt markets; thereby, adding to the national debt. How did we end up over $13 trillion in debt? Spending increases, unnecessary programs, and the other drains on the treasury.
In August 2010 the national debt will approach $14 trillion, by the September primary it will be nearing $15 trillion and in November, the national debt will be approaching $17 trillion. By the end of the 1st Quarter of 2011 the national debit will be approaching $20 trillion. Together with Congress, the administration is responsible for ensuring that the debt is paid down 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 debt without increasing taxes is to cut government spending on unnecessary programs, departments and special interest projects. Something, this administration, past administrations and our entrenched representatives in Congress are reluctant to act upon.
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Source MaterialWithin 30 days of taking office, I will introduce legislation calling for a balanced budget amendment that would would effectively prevent the President and Congress from formulating a budget that spends more money than the government collects. In limited circumstances, such as a threat to national security, the President would be able to request a waiver from Congress. This waiver, in addition to all tax increases, would require approval by a super majority vote of Congress. I will lead with legislation to reduce our status as a debtor nation, balance the budget, begin a pay down of the debt, eliminate unnecessary departments and programs, and move to zero based budgeting. We must ensure that future generations are not burdened by this generation’s unbridled spending, require full disclosure of earmarks and eliminate funding of unnecessary government programs. ### |