Balancing the Federal Budget
The federal budget is set to grow 43% over the next ten years. Over the last 40 years, in real dollars, federal spending has grown 292% while household income has grown 29%. Family budgets, business budgets, and federal revenues, however, are not expected to grow at that rate. Simply put, we cannot afford the federal government as we know it.
Balancing the Budget will not be easy. The rapid growth of entitlement costs, out of control spending (by both parties) in Congress, and a borrow & spend mentality in Washington are all obstacles to our balancing the budget. To make matters worse, in 2009, the U.S. spent more on interest payments on the debt in one month than it spent on some federal departments for the entire year. We must stop spending and stop now.
Congressman Ross believes that entails several measures:
- Passing a balanced budget amendment to the Constitution. Without a Constitutional Amendment to force Congress to live within their means, it will never happen.
- Passing my Zero Based Budget Act and force every agency and department of government to justify every dollar.
- Pension reform. Pensions costs, both at the federal level and the state and local level, are out of control and bankrupting the taxpayer - also known as the sector of the economy that produces something.
- Growing the economy. Simply having tax and regulatory policies that encourage private sector expansion and grow the job market will grow our way out of a sizeable portion of our debt. If economic growth were a half point faster than expected each year over the next two decades, the needed annual spending cuts and tax increases would drop by 40 to 50 percent.
- Entitlement Reform. Medicare, Medicaid, and Social Security are leaading us to financial ruin and must be reformed. Some, like Social Security, require minor changes and greater market involvement. Medicare and Medicaid, for those under 55, requires wholesale change and a new, robust health insurance market - not an Obamacare market.
Congressman Ross' Actions to Balance the Budget
- Congressman Ross has co-sponsored the Balanced Budget Amendment Act (HJ Res 1, HJ Res 2, & HJ Res 11)
- Congressman Ross has introduced the Zero Based Budget Act (HR 821)
- Congressman Ross has co-sponsored the Spending Reduction Act of 2011 that would reduce spending by $2.5 trillion
- Congressman Ross is a member of the Republican Study Committee
- Congressman Ross has co-sponosored legislation to abolish the IRS and scrap the current income tax code and replace it with a "Fair Tax" or a Flat Tax
- Congressman Ross has co-sponsored the legislation that passed the House, repealing Obamacare fully (HR 2)
- Congressman Ross, as a Member of the Florida Legislature from 2000 - 2008, operated under a balanced budget amendment, and passed, balanced budgets every year
- Congressman Ross has supported the Ryan Roadmap to bring entitlement costs down and balance the budget, while giving seniors greater access to care and higher returns on Social Security
More Infromation
Heritage Foundation
Cato Institute
Mercatus Center
Paul Ryan's Roadmap for the Future
