Buchanan: Balancing the Budget is an Urgent Priority
Debt Crisis “Immoral, Unsustainable”
VIDEO: Rep. Buchanan Speaks at Budget Committee Hearing
WASHINGTON –U.S. Rep. Vern Buchanan, a member of the House Budget Committee, said the United States can no longer afford to ignore its out-of-control spending problem. Buchanan, the sponsor of a Constitutional Balanced Budget Amendment, called the country’s dependence on borrowing “unsustainable and immoral.”
Questioning panelists at a June 17 Budget Committee hearing, Buchanan said “We’re going broke, it’s not a matter of if, it’s a matter of when, unless we change what we’re doing. We need a standard and I think that standard is a Constitutional Balanced Budget Amendment– Florida balances the budget every year, we make the tough choices… It’s immoral what we’re passing on to our kids and grandkids. I have a granddaughter and a grandson on the way and I feel horrible about what’s taking place up here. “
The nonpartisan Congressional Budget Office (CBO) highlighted the need to address our debt in its Long-Term Budget Outlook, which was released earlier this week.
The CBO warns of a Greek-style economic crisis if we do not address our out-of-control spending, saying that “rising debt could not be sustained indefinitely; the government’s creditors would eventually begin to doubt its ability to cut spending or raise revenues by enough to pay its debt obligations, forcing the government to pay much higher interest rates to borrow money.”
The CBO projects that national debt will rise to 175 percent of our GDP by 2040. Moreover, spending on entitlements will increase by 26 percent over the next 25 years, crowding out vital investments in defense, medical research, and infrastructure.
CBO also estimates that the Social Security trust fund will be exhausted in 2031 – one year earlier than it previously projected.
Last month, Buchanan supported a budget passed by both the House and the Senate which reduces spending by nearly $6 trillion, creates 1.2 million new jobs and balances the budget within nine years.