Countdown to Release of President Obama's Budget: 1 Day Remaining
Will the President’s budget rein in spending or propose more tax-and-spend policies?
Our growing debt is the result of a spending problem, not a lack of revenues. This is not a new development, but the result of years of excess spending. Over the past 50 years, the U.S. spent an average of 20.2 percent of GDP, while revenues averaged 17.4 percent of GDP during the same time. Hardworking Americans should not be asked to pay more, especially when revenues are already projected to be higher than historical averages each year for the next decade. In fact, revenues from individual income taxes are expected to rise more than any other form of revenue. Spending is the problem, and we must reduce spending in order to pay down the mountainous $19 trillion debt.