Ken Buck spoke yesterday at a Centennial Institute forum on the federal-level Balanced Budget Amendment. While Congress debates raising the debt limit yet again, the long-term strength of our economy becomes ever more threatened.
Permitting more debt won't bolster our economy. Only massive spending cuts can re-establish a strong basis for fiscal stability and economic growth. Substantial cost-cutting can be achieved by not funding desirable but non-essential programs: some aspects of entitlement programs and Obamacare, some government payrolls, much foreign aid and UN funding, support for multi-language programs. Purchasing and labor contracts could be canceled or re-negotiated.
If we taxpayers run into debt, we can't instruct our bank simply to raise our debt limit. Instead, we must find ways to cut our spending. It is time for the federal government to face reality. We need the federal-level Balanced Budget Amendment.