Paul is forging ahead this year with a budget package to battle the nation’s debt crisis.
The Cut, Cap, and Balance Act of 2015 is a comprehensive bill to address the debt crisis head on. It cuts the deficit in half this year and provides a path to balance the U.S. budget by 2021.
As the November 3rd deadline fast approaches for raising the debt ceiling, Paul is pushing for a solution – not another bandage – to our faulty economic policies. While there is an immediate need to fund the government, Paul has asked that the government push through comprehensive spending reforms with a realistic agenda of paying off our national debt.
As he stated on his own website:
“Bold action is needed to address our nation’s debt crisis – our national debt currently stands at $18.4 trillion. We cannot keep piling debt on top of debt forever.”
Now a lot of opponents might dismiss this as some kind of fear mongering, but what Paul is doing is cutting to the quick of the problem. What our nation is doing simply isn’t sustainable. If this were anything but the U.S. government, this would be obvious. When you live beyond your means, you can’t just keep opening new credit cards and just paying the minimum fee to keep your cards afloat. What you do is maximize your revenue and minimize your debt until you’re solvent.
That is just what Paul proposes. Just like a household budget where you have basic necessities, Paul identifies where you can’t make cuts – Social Security, Medicare, military pay and veterans’ benefits. Further, Paul’s plan provides a gradual relief of the debt over five years – a completely reasonable time frame – by adjusting government spending to 18% of the domestic GDP.
If anything, what is ironic is that this comes across as extreme to politicians in Washington. This is how a family budgets for themselves. It’s just basic math. You make what you can, buy what you must and try to save away some money for unforeseen expenses. That our politicians cannot do what every American family is accustomed to doing should be the real warning sign.
It should also be noted that with the combination of Paul’s Cut, Cap, and Balance Act of 2015 and Default Prevention Act bills, this will finally put to rest the government shutdowns that have repeatedly loomed over the U.S., threatened its credit rating and created havoc in the government sector.
As the Washington Examiner noted, “The Default Prevention Act bill would protect the United States from going into default should the debt ceiling be reached.”
“We should raise it, but we should raise it as part and parcel of a larger package to solve some of the reasons that we have to raise the debt ceiling again.” (CBS News)
Do you think the debt crisis finally needs to be addressed? What are your thoughts on Paul’s plan to do so by 2021? Leave us your thoughts on Twitter. Also, follow us on Facebook to keep abreast of the issues affecting our nation.
(Photo courtesy of Ivy Dawned, Flickr CC BY-ND 2.0)
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