National Debt

National Debt

Washington’s out of control spending has led to over 18 trillion in national debt. [1] It is only fair and right to pay the debt we have incurred so our children and grandchildren are not stuck with our bills and so they too may pursue the American Dream as we have. If we do not get deficit spending under control, future generations will be living in a bankrupt nation where Washington continues to raise your taxes to fuel its out of control spending.

How it Affects You:

  • Right now, every child born in America already owes over $56,000 [2] – their piece of the national debt.
  • Our national debt is over $17 trillion now and raising the debt ceiling is just Washington borrowing more money from taxpayers that it cannot pay back.

How We Fix It:

The Penny Plan: If we cut just a single penny out of every dollar of federal spending, including interest payments, for five years – and then cap spending at 18% from then on – we can balance the budget by 2019 and reduce federal spending by $7.5 trillion over the next decade.  Every family makes responsible decisions like this every day.  If we can do it, Washington can do it.  The Penny Plan is a common sense solution that protects your money.