Budget and Spending
Out-of-control spending is one of the most significant threats to American prosperity. For too long, lawmakers from both parties have been irresponsible with your tax dollars, amassing a national debt rapidly approaching $20 trillion. Under President Obama alone, the debt has increased by more than 50 percent. As the nonpartisan Congressional Budget Office explains, “… large budget deficits and growing debt would reduce national saving, leading to higher interest rates, more borrowing from abroad, and less domestic investment—which in turn would lower the growth of incomes in the United States.”
As part of the House’s effort to cut spending and reduce the debt, I was proud to support S. 365, the Budget Control Act, in the 112th Congress. This law established a frame for spending cuts of $2.1 trillion and has begun to slow the explosive growth of spending. Due in large part to the Budget Control Act, discretionary spending in Fiscal Year (FY) 2015 will be at its lowest level since FY 2008 – a remarkable achievement particularly considering the massive spending binge that occurred in the president’s first term.
We must act now to ensure that our children and grandchildren do not inherit a mountain of debt and an America that is less free and prosperous because of our mandatory spending obligations. We must take a closer look at where we are spending taxpayer money and reevaluate what is a mandatory spending obligation to bring the ever increasing national debt and deficit down from its current levels today.
I look forward to working with the Trump administration to get our fiscal house back in order and not mortgage the financial futures of our children and grandchildren.
Balanced Budget Amendment
In addition to supporting fiscally responsible budgets, I strongly believe that we must add a Balanced Budget Amendment to the U.S. Constitution. That’s why I was a cosponsor of H.J.Res. 2 in the 114th Congress, which would prohibit spending from exceeding revenues unless three-fifths of both the House and the Senate vote otherwise. I voted for this Constitutional amendment in the 112th Congress but, unfortunately, it did not receive the necessary two-thirds to pass the House. Many states, including Tennessee, have balanced-budget requirements. It’s time to make your government in Washington live by the same rules. I will continue to support legislation authorizing a Balanced Budget Amendment so that we can hold the government’s feet to the fire and stop spending more than we have.