In 2022, over 30% of our nation’s debt was held by foreign entities. By comparison, only 5% was held by foreign entities in 1970. Can we really claim that this isn’t a problem? That is a matter of national security. We are essentially selling our sovereignty, and this cannot continue. It is my hope that my colleagues in Congress will recognize this threat and come together to reverse this trend.
This is why the current debate in Congress over the budget and government funding is healthy and needed. But, while the sound bites on social media and the constant barrage of commentary on television are focused on this year’s spending levels, they are missing the bigger, underlying problem: the lack of a balanced budget on an annual basis.
I must emphasize the importance of a fiscally-sound the budget and our appropriations process. They help ensure that our government functions efficiently and effectively, and that each tax dollar is used wisely. As we come to the end of the fiscal year, we absolutely need Congress to come to an agreement on a balanced and fiscally responsible budget. And, I’m glad that the present disagreement has a lot to do with how much to cut, rather than simply slowing the rate of increase in spending. But, the budget is not only a mere financial plan; it reflects our nation’s priorities, values, and commitment to supporting its people. It determines how taxpayer dollars are allocated to vital programs and services, such as education, healthcare, infrastructure, and national defense. So, we’ve got to get it right.
As a result of Congress not having a balanced budget nor any guardrails for Congress to follow, our national debt has continued to climb for decades (as you see from the chart above). The next generation will have to carry and overcome this huge financial burden if we do not change course. We need a comprehensive approach to our budget problem that promotes fiscal responsibility so Congress can focus on more critical issues that impact the American people every day, such as securing the border, reducing taxes, and supporting our nation’s veterans.
Before traveling back to Washington, D.C., I had the pleasure of speaking to a packed crowd at an Americans for Prosperity event in Longview, TX. Along with AFP’s State Director, Genevieve Collins, Mack Morris, and Kristi Antonick, I was able to discuss many of the issues facing our country, including the need to pass my Principles-Based Balanced Budget Amendment, which would help Congress take the next steps towards restoring stability for our nation’s future financial stability. This legislation will require annual spending and revenue to balance, thereby making the principles of fiscal responsibility a moral obligation and a constitutional obligation.
Now let me be clear, our problems won’t be fixed overnight, and it certainly will require bi-partisan efforts and the will to make tough decisions. But a balanced budget amendment shouldn’t be dismissed as a “talking point” or a “messaging bill”. It is a real solution to our financial problems, and it deserves serious consideration.
As we come to the end of the fiscal year, it is essential that we place our country over our egos and come together to find solutions that promote fiscal responsibility and address the challenges facing our nation. We need a constitutional amendment that can get the support of two-thirds of both the House and Senate, followed by ratification of three-quarters of the states. We need to chart a new course.
To read more about my Principles-Based Balanced Budget Amendment, click HERE.
To hear my testimony before the Constitution and Limited Government Subcommittee, click HERE.