The national debt is $21 trillion…and counting. If we don’t take serious action soon, crippling debt is the legacy we’ll pass down to our kids and grandkids – a debt so enormous it compromises jobs, economic growth and national security.
The time for action is now.
That’s why I introduced legislation this spring to create the Fund for America’s Kids and Grandkids, which functions like a savings account for future generations. I shaved 2.5 percent off my Financial Services and General Government Appropriations bill to make an initial deposit of $585 million. The money in the Fund cannot be touched until the U.S. Treasury Secretary certifies the deficit is zero or there is a surplus.
While $585 million may feel like a drop in the bucket, I believe the Fund for America’s Kids and Grandkids is not only an example, but a model we can build on. It’s a concept that causes us to think about what all of this deficit spending means and who gets left picking up the tab. I believe it sets a new tone for funding the government: just because you can spend it, doesn’t mean you should.
So far, other members of Congress agree, as my bill was passed by the House Appropriations Committee this month. The next step is for the full House to consider the bill. I’ll keep you updated on the progress.
If you’re interested in learning more about the Fund for America’s Kids and Grandkids, please read my op-ed in Fox News HERE.
The Fund was also featured in The Wall Street Journalby conservative columnist Kim Strassel. Click HERE to read it.