House Republican Conference Chairman Mike Pence published a piece on the Daily Caller today regarding his Spending Limit Amendment with Congressman Jeb Hensarling. Read an excerpt here:
A crisis is quickly approaching that will undermine the strength of our country and rob our children of their future prosperity. When it comes to getting our nation’s fiscal house in order we are running out of options and the time to act is now.
Over the last five years, annual spending by the federal government increased from roughly $2.5 trillion to over $3.5 trillion. This year the government is expected to spend a record $1.6 trillion more than it will collect in revenue and public debt will exceed the value of the entire economy by 2023. The rising costs of health care and the entitlements promised to the retiring Baby Boomer generation are leading causes of this national emergency. But there are other forces at work as well.
After a decade of runaway federal spending, the appetite in Washington to spend without regard to the taxpayer is still strong. Lawmakers from both political parties have broken their promises for fiscal responsibility and therefore have broken all historical records for deficits and debt. Our children will soon pay the price.
It is time to fundamentally change the way Washington spends taxpayer money and establish constitutional safeguards that will force the federal government to live within reasonable means. That is why I am proud to join Congressman Jeb Hensarling (R-Texas) in proposing the Spending Limit Amendment.