As of June 8, 2011, our national debt has reached $14.3 trillion, and the debt for each American household totals more than $130,000. Even more troubling, the Congressional Budget Office predicted that total debt could reach a level double the size of the economy by 2035. America is truly facing a crisis of epic proportions.
President Ronald Reagan said, “For decades we have piled deficit upon deficit, mortgaging our future and our children’s future for the temporary convenience of the present. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals. You and I, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. Why, then, should we think that collectively, as a nation, we’re not bound by that same limitation? We must act today in order to preserve tomorrow.”
In a report released today, Dr. Janice Shaw Crouse, Director and Senior Fellow for Concerned Women for America’s (CWA) Beverly LaHaye Institute, delineates why it is imperative for Congress to “Cut, Cap and Balance” as a precursor to any vote to raise the debt limit.
- Cut: Substantial cuts in spending that will reduce the deficit next year and thereafter.
- Cap: Enforceable spending caps that will put federal spending on a path to a balanced budget.
- Balance: Congressional passage of a Balanced Budget Amendment to the U.S. Constitution – but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.
CWA will be hosting a Hill Briefing and Webinar in the near future to highlight the hard choices Congress needs to make to get our fiscal house in order. Watch for additional details shortly!
1. Please click here to read Dr. Crouse’s entire report.
2. Please share with your friends and family.
Chief Executive Officer