On the recordDecember 13, 2011
I rise today to join many of my colleagues, as Senator DeMint has said, to endorse the balanced budget amendment that Republicans are offering. We have 47 Republicans in the Senate and there are 47 cosponsors and supporters of this approach to a balanced budget. Our approach addresses the fundamental problem in America and that is government spending. Big problems require bold action. Today's staggering national debt, $15 trillion, is crippling our economy. We must take action to stop it. The 40-year average of total U.S. Federal Government spending is 20.8 percent of gross domestic product. For 2011, Federal spending was 24.1 percent of GDP. Looking forward, if we stay on the same course we are on, Federal spending is projected to be 40 percent of GDP in 2046, and by 2085 it will reach 75 percent of GDP. We are reading a lot of stories about European countries that are doing exactly what we are talking about how the future for America will look like if we do not curb spending right now. Some of my colleagues on the other side of the aisle think increasing taxes will reduce the deficit. However, the facts state otherwise. The trajectory of government spending, as I have outlined, could not be met with tax increases. There are not enough tax increases if you went to 100 percent rate of tax. There would not be enough to support that kind of government spending.…
