Introducing Legislation to Balance the Budget

At the beginning of this year, our national debt reached $31.38 trillion. Taxpayers are facing the brunt of this growing debt and the accompanied growing interest rates, making the dollars in Americans’ wallets less valuable. Since the Great Depression, federal deficits have become more common than surpluses. For the first time since World War II, the federal public debt has reached 100% of the Gross Domestic Product (GDP), meaning the federal government will soon owe more in debt than the annual size of the American economy. That number is projected to double to 200% by 2050, when our net interest payments will be the single largest budget item, exceeding the size of Social Security and Medicare.

A balanced budget is needed now more than ever. We must protect our children’s future, rein in reckless spending, and hold our nation’s leaders accountable.

Today, I am proud to introduce a Balanced Budget Amendment for the federal government. Across America, families are forced to make hard decisions to follow their budgets and live within their means, and the federal government should operate the same way. My legislation will end out-of-control spending.