Budget and Economy

As you know, I’ve spent decades talking about these issues. Nobody wants to admit how bad our financial situation is. I try to be honest and tell people where things really stand. In fact, I've been called everything from  “A Budget Cassandra”  to a Fiscal Hero to “Mr. Fiscal Responsibility” and “Dr. Doom” because I am such a fierce advocate for balanced and honest federal budgeting.

The federal government doesn’t even use real accounting. Washington is the only accounting-free zone left in America. I have been talking about this for years and even wrote a foreword to the Treasury Department’s 2005 Financial Report.

I was one of the first Members to reject earmarks. I've also introduced bipartisan bills to eliminate wasteful spending and prevent agencies from duplicating programs that already exist. The main ideas behind my No Budget, No Pay Act, which would stop paying Congress if it fails to pass our budget and spending bills on time, became the law of the land in early 2013. It was only temporary but it worked. We need to make it permanent law.

Even though we are piling on unbelievable debt right now, this is no time to count the pennies. It’s really unprecedented that Congress responded so quickly and so unanimously by passing four bills to address COVID-19, including the largest relief package ever. This is what is needed to help America recover and begin healing--even the Federal Reserve Chairman has said we need additional relief, which may be costly but worth it to avoid long-term economic damage. The only thing that matters right now is defeating a dangerous virus, helping the people and small businesses that are hurting and financially at the end of their rope, and rescuing our economy.

Links & Additional Information

Fiscal Five Minutes by the Peterson Foundation

What is the Debt Ceiling?

Congressional Budget Office (CBO)

House Budget Committee

Financial Report of the United States from the Department of the Treasury

Current U.S. Debt

The White House Office of Management and Budget (OMB)

Government Accountability Office (GAO)

Calculate Your Tax Receipt