Washington must start spending less and stop spending money we don’t have. We are $14 trillion dollars in the hole -— with $3.7 trillion added to the national debt just since President Obama took office. To put this in perspective: it took the U.S. from 1776 until 1992 (216 years) to accrue the same amount of debt that the president accumulated in two in a half years. At this rate, we are on the fast track to fiscal calamity.
With unemployment at 9.2 percent, we must enact a plan that will bring confidence and certainty to America’s best job creators -— small businesses -— without raising taxes as Democrats have demanded. We all agree that we must pay our bills, but raising taxes in order to sustain Washington’s largesse is not the answer; real and significant spending cuts are. The Cut, Cap and Balance Act would provide them.