Washington’s out-of-control spending needs to stop. Our nation has piled up trillions of dollars in debt, immorally passing the problem along to future generations and mortgaging the future of our kids and grandkids. This kind of fiscal irresponsibility creates uncertainty in the economy that hurts job creation. Senator Portman believes we need to work toward a balanced budget and reform our critical mandatory spending programs to make them sustainable for the future.
Washington is not getting its work done. The White House and Congress have repeatedly failed to complete a single appropriations bill on time, resulting in Continuing Resolutions, sequestration, and Omnibus appropriations bills that throw the nation into one budget crisis after another.
One answer to these challenges is a balanced budget amendment to the US Constitution. Senator Portman is an original cosponsor of the Balanced Budget Amendment. He also supports efforts in Ohio and other states to call an Article V Constitutional Convention for the purposes of enacting a BBA.
What drives America’s deficits? Mandatory spending, the part of the budget that includes vital, but currently unsustainable programs like Social Security, Medicare, and Medicaid. Mandatory spending already makes up two-thirds of the federal budget, and it is rapidly growing. With 10,000 baby boomers retiring every day, the new entitlement program of Obamacare, and health care costs continuing to rise, the nonpartisan Congressional Budget Office (CBO) warns us that spending on health care entitlements will more than double over the next ten years. In fact, CBO projects entitlement programs will be responsible for 100% of growth in future deficits. If we are going to avoid a coming fiscal catastrophe for our children and grandchildren—with higher unemployment, higher taxes, and higher interest rates—we need to act now.