If immediate measures are not taken, the national debt will soon be equal to the entire U.S. economy. At this moment, American opportunity threatens to be overwhelmed by our debt, and that's a race we can't afford to lose.
This dangerous dynamic has been steadily building up for decades, but Washington worsened the problem in recent years with a spending binge of costly bailouts, massive omnibus bills, and failed stimulus.
As a result, the debt burden has grown to previously unimaginable levels. When Nancy Pelosi became speaker of the House in January 2007, it stood at $8.6 trillion. Today, Americans must shoulder a national debt weighing in at a whopping $14 trillion, and the mountain grows larger every day.
By the end of this decade, President Obama's budget projections show the national debt nearly doubling its current size to $26 trillion.
These sobering numbers represent the path to bankruptcy, draconian tax increases, and economic stagnation.
We refuse such a fate. Instead, we are offering a step-by-step plan to reduce spending and put the United States on course to renewed financial stability.
Known as the Spending Reduction Act, this bill makes major strides toward resolving the debt crisis by cutting $2.5 trillion of spending between now and 2021.
Here's how it works:
This dangerous dynamic has been steadily building up for decades, but Washington worsened the problem in recent years with a spending binge of costly bailouts, massive omnibus bills, and failed stimulus.
As a result, the debt burden has grown to previously unimaginable levels. When Nancy Pelosi became speaker of the House in January 2007, it stood at $8.6 trillion. Today, Americans must shoulder a national debt weighing in at a whopping $14 trillion, and the mountain grows larger every day.
By the end of this decade, President Obama's budget projections show the national debt nearly doubling its current size to $26 trillion.
These sobering numbers represent the path to bankruptcy, draconian tax increases, and economic stagnation.
We refuse such a fate. Instead, we are offering a step-by-step plan to reduce spending and put the United States on course to renewed financial stability.
Known as the Spending Reduction Act, this bill makes major strides toward resolving the debt crisis by cutting $2.5 trillion of spending between now and 2021.
Here's how it works:
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