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The Truth in Budgeting
Winston Churchill once said, “The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end; there it is.” Here’s the incontrovertible truth about budget deficits: Spending is still out of control.
The national debt is now more than $15 trillion. The budget deficit for this fiscal year alone will be more than $1 trillion. This mountain of debt is a growing obstacle to economic recovery. But for many in Washington, it’s business as usual.
The same budget gimmicks are being used to frustrate attempts to rein in spending. We cannot restore financial responsibility to Washington until we put an end to dishonest budgeting. That’s why I have joined 20 senators in co-sponsoring the Honest Budget Act, to outlaw nine accounting tricks commonly used to hide unnecessary spending.
Here are a few examples:
In total, the budgetary gimmicks covered by our bill have added $350 billion to the nation’s debt since 2005. We – and our children – most likely will be paying interest on this for decades. Our nine reforms would require accurate accounting. They could put an end to the budgetary game-playing and prevent hundreds of billions of dollars of unnecessary and unauthorized spending.
Washington remains divided over starkly different visions of the proper role of government and the best approach for re-energizing our economy. This continuing debate may not be resolved until the national elections in 2012.
But our bill advances principles that Republicans, Democrats and independents can all agree on: accountability, honesty and transparency in spending taxpayers’ money.
These reforms are long overdue.
|Last Updated on Monday, 13 February 2012 12:53|