March 19, 2013, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement in support of a House Republican Study Committee proposal to balance the budget in 4 years:
"The Republican Study Committee's Back to Basics Budget rolls back the massive growth of government since Nancy Pelosi and Harry Reid took over Congress in 2007 and puts us on a sustainable path for the future.
"America faces an unprecedented debt crisis that threatens our very future as a sovereign nation with our national debt now larger than our entire economy, with the gap growing increasingly wider. In the past three years, the debt has grown by an average rate of 10 percent each year while our economy has only grown nominally by 3.8 percent. This debt spiral is not sustainable, and immediate, aggressive action is necessary by Congress to bring it under control.
"The Back to Basics Budget goes a long way toward reversing the financial emergency induced increase in the size of government since 2007, which has been funded by an almost $8 trillion increase in the national debt. Continuing this debt cycle under any guise is simply unacceptable.
"It is inevitable that interest payments on this massive debt will rise, and an increasing percentage of our tax revenue will be spent on paying off bankers and foreign governments making it all the more difficult in the future to bring the budget under control.
"Rather than consign future generations to being debt slaves to foreign powers around the world and the banks that fund them, every member of Congress who cares about our children's economic future should not just support, but vocally argue in favor of the Back to Basics Budget which gets to balance in four years.
"As a contrast, the Senate Democrat Budget Committee released a budget last week that never gets to balance, increases the national debt by trillions and calls for another 60 percent growth in government.
"The alternatives are clear, and the Back to Basics Budget provides the most direct pathway to breaking the chains of debt that threaten our nation's very economic future.
"Americans for Limited Government urges a yes vote on the Back to Basics Budget."