'The problem is not insurmountable, and it does not require massive cuts to solve. But it does require a president willing to lead on the issue and congressional representatives who can demonstrate a modicum of fiscal discipline.' -Keith Pekau
The debt ceiling bill also limits discretionary spending to 1% growth. However, discretionary spending is approximately 27% of the federal budget — 73% of federal spending is still allowed to grow with no constraints.
And all the while, our debt continues to spiral out of control , with our government logging record budget deficits in the last few years.On the one hand, many on the Left believe there should be no limits on spending or borrowing. Of course, this would eventually lead to hyperinflation and an economic catastrophe.
On the other hand, there are some on the Right that believe we should not add debt under any circumstances because as a country, we have shown no ability to spend within our means. This concern is understandable, but it may inflict much pain on some groups of people. Fiscal discipline is key to solving our debt crisis and finding commonsense solutions. As mayor of Orland Park, Illinois, I focused on fiscal discipline, and we initially reduced operating spending by 14% while instituting a target increase of 3% annually, lowering debt by 25%.
To solve the debt and deficit problems, we first need to understand our financial history. Congress controls the budget, and contrary to popular belief, divided government has resulted in the highest spending and the lowest revenue increases as everyone looks to give more away to their perceived base.Year over Year Average Spending Increase
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