In 2007, Congress passed the pay-as-you-go budgeting act. This requires that any tax cuts or increases in entitlement spending be offset with spending reductions. This shows the people that Congress knows that we have a deficit. This will hold Congress to the same standards that many people and businesses go by; They don't spend the money that they don't have. Congress can suspend this act in times of recession or crisis if need be. This would eliminate unnesessary spending and would collect unpaid taxes to keep the budget in balance. Some people worry that the deficit should be eliminated through economic growth rather than through the painful budget cuts and tax increases required by the paygo.
I believe that the paygo act should be passed. Our government is spending money that we don't have to bail out the auto industry and other countries. We need to realize that we have to help ourselves before we can help others. If we aren't able to support our own spending habits, than we can't give money away. We took money out of the social security fund to bail out the auto industry and now we don't plan on sticking it back into the fund. It's no wonder why we don't have enough money to pay people on social security. By 2017, we will be spending more money than we take in from social security. We spend a lot of money paying interest and yet we never save enough money to pay off the loans. All we do is take out more loans. If we would start to pay off the loans, than we would have less interest to pay and we wouldn't be spending so much money that isn't beneficial to our country. Jim Langevin, a Rhode Island Congressman, also agrees that we need to balance our nations budget.
I believe that the paygo act should be passed. Our government is spending money that we don't have to bail out the auto industry and other countries. We need to realize that we have to help ourselves before we can help others. If we aren't able to support our own spending habits, than we can't give money away. We took money out of the social security fund to bail out the auto industry and now we don't plan on sticking it back into the fund. It's no wonder why we don't have enough money to pay people on social security. By 2017, we will be spending more money than we take in from social security. We spend a lot of money paying interest and yet we never save enough money to pay off the loans. All we do is take out more loans. If we would start to pay off the loans, than we would have less interest to pay and we wouldn't be spending so much money that isn't beneficial to our country. Jim Langevin, a Rhode Island Congressman, also agrees that we need to balance our nations budget.
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