Once elected President, Mike Pence will work with Congress to introduce and pass a Constitutional Amendment that would limit federal government spending to 20% of America’s gross domestic product. Federal spending growth is out of control and shows no signs of slowing down. Our runaway spending spree is driving inflation, making us dependent on our adversaries, and threatening our national security. It is time for a Constitutional Amendment to tie the hands of profligate politicians in Washington once and for all.
Federal spending is out of control.
- The U.S. national debt is now $33.4 trillion.
- The national debt is equal to $99,670 per American (335.53 million population).
- The national debt is equal to $269,671 for every American household (124 million households).
- The national debt is equal to 124% of our nation’s GDP ($27.063 trillion).
- The only other time the debt to GDP ratio was above 100% was after World War II (106% in 1946).
- Since President Biden took office, the national debt has increased by $5.7 trillion or 20.5% ($27.8 trillion on January 20, 2021).
Vice President Pence will change the entire system by fighting for a Constitutional Amendment to limit runaway spending.
The current system in Washington is completely broken. Our lawmakers do not control the majority of government spending. Of the $6.35 trillion the government will spend this year, 73% of federal spending is outside of the control of Congress. That money is on autopilot, being used to pay for either entitlement programs or interest payments on our debt.
It is time for the American people to put limits on Washington’s spending spree. That is why President Pence will work to pass the Spending Limit Amendment to the Constitution. For the first time in American history, this amendment will handcuff politicians and restore fiscal sanity.
- This amendment would limit spending to one-fifth of the economy.
- The limit could only be waived by a declaration of war or by a two-thirds congressional vote.
- Congress would be forced to cut deficit spending or face automatic cuts.
- Unlike other proposed Constitutional amendments, the Spending Limit Amendment will not incentivize Congress to raise taxes on hard-working Americans who are being crushed by inflation.
- President Pence will work with Congress to introduce and pass the amendment and campaign across the country until it is ratified.
The antics in Congress this week highlight the fact that Washington is unable to address the crushing spending and debt.
Congress has now ground to a halt because of internal disagreement about government shutdowns, funding the government, and how to cut spending. Sadly, the money that Republicans are quibbling over this year represents only 0.35% of the national debt.
As a Member of Congress, Mike Pence led the fight for real cuts and often fought against his own party to reduce spending. He spent years fighting against the establishment in Washington and has a track record that proves he’s ready to take on the real drivers of our debt.
- Sponsored the Deficit Reduction Act which offset spending on Hurricane Katrina by cutting $99 billion in entitlement spending.
- One of only 33 Republicans who voted against No Child Left Behind, which expanded the Department of Education and increased spending by $135 billion.
- Voted against the $395 billion expansion of government-run healthcare under Medicare Part D.
- Led the fight to pass the Budget Control Act, which implemented budget caps and cut spending by more than $1.2 trillion.