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 didn’t 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 leaders—myself included—rode 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 proposal—the Six Penny Plan—later this year.GOP FISCAL HAWK SOUNDS ALARM ON 'OUT OF CONTROL' FEDERAL SPENDING, SAYING 'BOTH PARTIES HAVE FAILED US'But I regret to inform you that Congress has completely lost the plot. Under the Six Penny Plan, Congress needs to find a six-percentage-point cut each year for five years.After that, once the budget is balanced, spending can increase based on the additional revenue from economic growth.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.It’s a blinking red warning light—just 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.It doesn’t have to be this way.When Congress takes up government funding later this year, it can pass my Six Penny Plan, whi...