August 01, 2023

ICYMI: House Republicans Must Deliver a Balanced Budget

Last week, former Speaker of the House Newt Gingrich wrote a column sounding the alarm on how our country’s “massive deficits” and “enormous national debt” are hurting workers and businesses, showing that Americans want Congress to pass a balanced budget. 
As Speaker Gingrich said: “If a business or a family had a debt burden on scale with the U.S., it would be considered a crisis that had to be solved. This is a crisis for America, and it must be solved.”
The Facts:
Stopping Bidenflation - Americans believe a reduction in spending will help reduce inflation.

  • “In fact, by 67 percent to 19 percent, Americans favor reducing spending to reduce inflation. This is supported by key demographic voter groups (74 percent of Hispanics and 55 percent of Blacks are in support) and even crosses party lines (52 percent of Democrats, 70 percent of Independents, and 81 percent of Republicans are for cutting spending),” Speaker Gingrich wrote. 

Reining-In Wasteful Spending – Studies show that Americans think 50 percent of government spending is wasteful.

  • “Americans believe eliminating waste and corruption in government would be enough to balance the budget, this includes Democrats, who traditionally support a large, centralized government,” Speaker Gingrich said. 
    • “Of the 57 percent who said cutting government spending would benefit the economy, 22 percent said it would be “’very good.’”
  • “Just paying interest on the debt this year will exceed $1 trillion. That’s right, we will spend more paying interest to bond holders than we will spend on the entire Department of Defense.”
    • “Bigger government deficits mop up capital that should go to creating jobs and increasing productivity. Bureaucrats guiding the economy is a disaster compared to the effectiveness of entrepreneurs and venture capitalists. Overregulating small business kills job creation.”

Right Sizing the Bureaucracy – Workers overwhelmingly favor spending cuts. 

  • “Fifty-one percent of voters prefer a GOP candidate who wants a budget bill that cuts spending,” Speaker Gingrich found. 

The Bottom Line: “The time has come for House Republicans to join the American people in fighting for a balanced budget.” House Republicans agree with Speaker Gingrich, and will continue our work to rein-in the wasteful, woke, and bloated bureaucracy and the out-of-control spending that created it. 
Click Here to read the full piece.