In the Federal budget, just as in our own family budgets, we must live within our means – as a Mayor, I’ve had to balance eight budgets and as a Congress we need to do the same. And, we cannot burden future generations with unimaginable amounts of debt.
That said, we need to have the right priorities. We need to balance the budget by reducing spending and creating economic growth – but we also cannot balance the budget on the backs of middle class Americans. Does America want to give billions away in subsidies to oil companies, or do we want to invest in the small businesses that have been and continue to be the backbone of our economy?
We can't simply legislate a lower debt ceiling because that will shut down services to people and create chaos instead of a real process to reduce waste and increase accountability on spending. Instead, I favor enforcing the rule that any new legislation would say how it will be paid for, the so-called pay as you go rule, and I would take a hard look at inefficiencies in government from contracting to the bureaucracy. I’ve performed this kind of line item analysis as a Mayor, and we need to do this in Congress.
At the same time we need to spur economic growth. We need to focus on getting capital in the hands of small business owners and entrepreneurs; stemming the flow of well-paying jobs heading overseas by ensuring an even playing field in global trade; and enhancing programs and resources that will help existing manufacturers re-tool their businesses.