Position by Marco Rubio on Spending and the Debt Limit
Published Saturday, January 26, 2013
Washington needs to change directions, not just tap the brakes with temporary fixes as it speeds down this unsustainable course. In August 2011, Congress passed the Budget Control Act after months of negotiations over increasing the debt ceiling. This misnamed deal authorized Congress to raise the nation's debt ceiling for a total increase of $2.1 trillion. The most recent increase raised the debt ceiling to its current limit at $16.394 trillion. I opposed this legislation because it did nothing to solve our future deficit spending or growth problems. I will continue to oppose raising the debt limit if it does not address the root of cause our fiscal crisis: spending beyond our means. We simply cannot afford to delay serious reforms.
I believe Congress should pass a Constitutional Amendment requiring a balanced budget, which would eliminate deficit spending. The best measure would be one that requires supermajorities to raise taxes and increase the debt limit, while enacting a cap on all federal spending, ideally at 18 percent of gross domestic product. In Washington, a balanced budget amendment is not just a fiscally-responsible proposal, it's a necessary step to bring to an end the decades-long legacy of out-of-control spending by both parties.
While a Balanced Budget Amendment is important, we must also have plans for fundamental tax reform, saving our entitlement programs, overhauling our regulations, and cutting discretionary spending to get our debt under control. Please rest assured that I will keep your thoughts in mind as Congress examines issues concerning spending and as we address our country's borrowing limit in the future.
Thank you again for contacting me. It is an honor to serve you and the people of Florida.