Op-Ed: Balanced Budgets Don't Need to Be a Thing of the Past
Gov. Kasich teamed up with former Congressman Tim Penny and the bipartisan Committee for a Responsible Federal Budget to co-author this op-ed. You can read the full op-ed (here) on Newsweek’s website.
Read an excerpt below:
"Record budget deficits at the time is what brought us together 30 years ago. Sadly, today the deficit is more than four times larger than it was then. The budget deficit this fiscal year is projected to be an eye-popping $1.4 trillion. That is on top of $3 trillion in deficit spending in both 2020 and 2021 due to measures enacted in response to the COVID-19 pandemic. Annual deficits are expected to grow larger and larger over the coming years, until topping $2 trillion by 2030. Worse, next year the national debt will exceed the size of the entire U.S. economy and in five years will surpass the record as a share of the economy set in the wake of World War II.
Already, we are feeling the economic effects of our fiscal failures. Inflation is at a 40-year high as the Federal Reserve squeezes the economy to get inflation under control. Continued congressional inaction on fiscal matters will result in even higher interest rates and slower economic growth.
How to proceed? The first step is to write a budget. The president has already done that—even though it was a month late and well short of what is needed. But it is now time for the House and Senate Budget Committees to do their part. Under the Constitution, Congress has the power of the purse. Both parties in both chambers need to deliver a budget spelling out tax and spending policies designed to reduce deficits and grow the economy.
While there will be differences in these budget blueprints—the Republican House and the Democratic Senate have an obligation to draft a budget and then negotiate."