Since becoming the majority party, House Republicans have taken major steps to drastically reduce discretionary spending. I recognize, however, that this is only the first step in addressing our budget woes. If we are serious in getting our fiscal house in order, we must carefully examine mandatory programs that are not a part of the annual budget—and make up almost two-thirds of federal outlays—but which continue to grow at a rate that is quickly becoming out of control.
Reforming these entitlement programs, including Medicare and Social Security, will require both Members of Congress and the American people to make some decisions that they would rather not have to make. These programs must be reformed, not only because they are creating huge yearly budget deficits, but also because, left alone, they will collapse under their own weight, leaving today’s young people without future benefits.
For over a decade I’ve said that the out of control debt is the number one danger to the future prosperity of this country, and we need to turn our economy around before time runs out.