Balanced Budget Policy

Balanced Budget Policy

The Federal Government should balance its budget just like the hard working families in North Carolina. The debt explosion, continued deficit spending, and unfunded tax cuts without responsible spending cuts are a threat to our economic growth, the stability of government programs and a threat to the national security.

My Republican opponent voted for increased federal budget but not responsible cuts in spending. This puts our nation’s debt on our children. George Holding has not been a responsible steward of our tax dollars. Democrats and Republicans have always talked about being responsible but most voters now know those were just worthless promises. We must now get practical.

Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck Schumer made a deal on Feb. 7th, 2018 to prevent yet another government shutdown. This new spending collusion between Democrats and Republicans places the resulting enormous tax bill and debt burden on the backs of ordinary Americans-and their children, without any real benefits to our economy.

In order to reach the bipartisan bill, McConnell granted the Democrats their wish list and Schumer granted the Republicans their wish list. The American People got stuck with the bill.

The Republicans got $165 Billion in defense spending and the Democrats got $131 Billion in domestic spending over the next two years. The bipartisan deal means the politicians get what they want and we, the tax payers, get stuck with an extra $400 billion debt bill for the next two years.

George Holding was elected primarily on a spending cuts platform. In fact his tag line was ‘cut, cut, cut spending’.

Instead, he went to Washington and voted for increasing debt by $1.3 Trillion  without any responsible cuts in spending. The result is that George Holding and his Republican and Democrat friends in the Congress colluded and conspired to drive record numbers of deficit spending and explosion of the national debt. Although the stock of debt has remained steady so far the tax plan passed in February may push it up higher. We are now stuck with the credit card bill.

Republicans continue increasing spending for military, intelligence, and police even while they say they want to cut taxes. Most voters agree with Libertarians that you can’t have it both ways; government spending needs to drop along with the tax rate. Furthermore, voters agree with Libertarians that more than half of the government’s military spending is wasted on counterproductive involvement in foreign civil wars. We also waste about half of our law enforcement budget on locking people up for consensual “crimes” like using cannabis.

Congressional spending has increased dramatically. The national debt is now roughly equal to 100 percent of GDP. If we want economic growth to return and be a permanent part of American life, it is imperative that we dramatically reduce the role and scope of government. This path is untenable now, and unsustainable for the future.

Voters understand very well that the government is spending too much. The solution to any problem always ends up with new spending proposals, without giving a thought about the deepening debt crisis. Democrats and Republicans are in denial that we have a problem. Libertarians recognize the problem. We cannot solve every problem by expanding the government and spending even more money. We cannot borrow forever. We need to stop at some point and control spending.

As a Libertarian, I would look for tax cuts by way of a Balanced Budget Amendment (BBA). That’s the right and responsible thing to do. As a responsible leader I won’t tolerate any more empty promises.

This is a bold and exciting plan. It takes power away from Washington and puts it into the hands of American taxpayers. We need to get our fiscal house in order and this is exactly the way to do it. We should encourage all members in the House, especially Speaker Paul Ryan, to get behind this proposal immediately and we hope that all members of Congress demand successful passage of the Balanced Budget Amendment (BBA).

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