Deficit Spending - A Crisis in Leadership
by TexasGOPVote on August 16, 2011 at 11:30 AM
The following was sent in from Texas State Representative John Garza's campaign: Last week’s headlines focused on the United States losing its AAA bond rating. While stocks plummet this week, our first response is that this is a fiscal crisis; it is in reality a leadership crisis in our nation. While past administrations have practiced deficit spending, under President Obama it has reached unprecedented levels.
Our federal government has built a monumental debt reaching the maximum allowed by law. The solution to this crisis by our President and Congress was not to balance the budget and cut spending, but to change the law raising the debt limit and declaring a need to increase taxes. It is not surprising that our credit rating would drop with such irresponsible actions, lack of accountability or conviction by our nation’s leadership. It leaves little hope to correct this impending disastrous economic nightmare.
The higher the deficit becomes, the more lion’s share of the budget is devoted to pay solely interest on this debt. Continued deficit spending by the federal government compounds the problem of the national debt which now becomes the unyielding burden on future generations of Americans without their consent. The solution to this crisis in leadership would be for the people of the United States to elect new public officials who will be responsible with the nation’s budget.
Unfortunately, there seems to be a black hole for common sense and wisdom in our nation’s capitol. How do we, the citizens of the United States ensure immediate responsible fiscal actions by our federal representation? The solution is simple. We need a balanced budget amendment to the US Constitution. This amendment would state that except in times of declaration of war or other national emergency, the total of all federal spending for a fiscal year may not exceed the total of all estimated federal revenue for that same fiscal year. A balanced budget amendment would compel lawmakers to carefully consider choices about spending and taxation. It would encourage spending control and discourage deficit spending. A balanced budget amendment will help put our nation on the path to lasting prosperity. In Texas, we have a balanced budget amendment in our State Constitution. When we face budget challenges in Texas, we make tough decisions without pushing debt onto the back of future generations and without exacerbating the problem with long-term interest on debt. Since Washington “leaders” choose to bury their heads in the sand and continue on the path of deficit spending, the State of Texas should lead the way – to a balanced budget.