Rep. Fred Upton (MI), the ranking member of the Energy and Commerce Subcommittee on Energy and the Environment, published a joint piece in Politico today discussing the need to stop out of control spending. As the GOP moves ahead in it's agenda, this topic will gain more and more attention. See an excerpt here:
The federal budget deficits reported in 2009 and 2010 were the highest on record since 1945, according to the non-partisan Congressional Budget Office, approximately $1.4 trillion and $1.3 trillion, respectively. (That’s trillion with a capital T.) Under the Democrats’ one-party reign the last two years, the size of government has exploded and the United States has added an unprecedented $2.7 trillion to the national debt, amounting to nearly $5 billion dollars a day.
Meanwhile, again according to the CBO, federal spending has grown from 20.1 percent of gross domestic product in 2006 (the year before Nancy Pelosi became speaker, and slightly below the historical average), to 23.8 percent of GDP (a record but for 2009's all-time high) on Election Day 2010. Washington clearly has a spending problem — not a tax revenue problem.