Are You Concerned With The Budget Deficit?

For too long, leaders in Washington -- from both sides of the aisle -- have put the U.S. in a severe financial mess. In just the last decade, the national debt has grown from $5.7 trillion to a record $14.3 trillion -- an increase of more than 150 percent. As a percentage of the nation’s gross domestic product (GDP), the U.S. debt is higher than it’s been since the 1950s.

I’ve already voted for more than $40 billion in spending cuts for this year alone and proposed an additional $20 billion in smart spending cuts on top of that. But we need to do more. A lot more. In recent months, there’s been plenty of talk about a large, bipartisan compromise to reduce the deficit by $4 trillion over ten years. I support those efforts and remain committed to a long-term deficit agreement.

But real progress will require real compromise from both sides of the aisle.

The people of Delaware understand that everything must be on the table. I agree. I have consistently supported a balanced approach with meaningful tax reform and smart spending cuts that don't undermine our long-term economic growth. And when I say everything must be on the table, that means that everything should be on the table: discretionary spending, entitlement programs, revenue, defense, tax reform, and other areas.

It is my hope that both parties will agree on a strong plan soon. Now is the time to get the country’s fiscal house in order. Further delay will only make matters worse and risk serious economic consequences for the country. Reducing the deficit must be the primary focus of the debt ceiling discussion. This is a great opportunity for both sides to come together on a plan that will set us on a responsible financial path. In turn, we will strengthen our economy and guarantee a brighter future for generations to come.
Sincerely,
John Carney
Member of Congress