Reducing Our Massive National Debt

Michele Bachmann | October 26, 2010 10:41 AM

Our economy is suffocating under the massive weight of $13 trillion of debt. The interest on the national debt from fiscal year 2010 was $414 billion alone. As soon as Congress reconvenes, immediate focus must be given to easing our national debt.

Under Speaker Nancy Pelosi, debt has grown $5 trillion, even though she promised “no new deficit spending” when she took the gravel. But it’s not too late for Pelosi to revisit her promise. In the last few weeks of the 111th Congress, Pelosi could consider:

•    Cutting federal government spending by 23 percent – the same amount spending has increased since President Obama took office.
•    Proposing and passing a balanced budget for 2011 with no tax increases.
•    Canceling outstanding “stimulus” funds.
•    Returning repaid TARP funds to the U.S. Treasury.
•    Repealing Obamacare and all of its ugly, expensive tentacles.

Going forward, a limited government must be achieved. Congress can announce it is getting out of private business and the bailout business. Uncle Sam will not be the financial backstop for any entity.

Additionally, creating a pro-growth economy will be the main focus. Starting with a permanent extension of the tax cuts, Congress must change policies to help small businesses. If the business tax rate is made 9 percent instead of its current 34 percent, it would be nearly the lowest rate in the industrialized world.

Speaker Pelosi, allow us to get our nation back on track before the 111th Congress ends. Your speakership doesn’t have to be marked by the greatest increase in national debt. We still have time to get our fiscal house in order.