James Comer: “When many of us were growing up learning how to use our first spare dollars or our first credit card, our parents and…”

“When many of us were growing up learning how to use our first spare dollars or our first credit card, our parents and teachers always told us, ``Budget your money and don't spend more than you have.'' This is a simple, commonsense life lesson we are all taught at some time or another when we are growing up. It is a reality for any individual who wants to have a sustainable future. It is unfortunate, however, that the same rules do not apply for Congress, our Nation's largest and most important spender. The United States currently faces $20 trillion in debt, which will lead us to a fiscal crisis if unabated. Year after year, our mandatory spending levels increase, leaving little room for our defense, education, and other spending priorities. If we continue down this path, it is estimated that by 2040, spending for mandatory programs will make up 81 percent of our annual budget. This trajectory of runaway mandatory spending is skyrocketing our national debt. It is evident that this Congress has not taken the necessary steps to balance the Federal budget. It is time that this Congress make the tough decisions necessary to reduce the national debt and practice restrained spending. Representative Goodlatte's balanced budget amendment would require the President to submit an annual balanced budget to Congress and mandate that Congress cannot spend more money than it receives in revenue.…”