Fort Report: Where Your Money Goes

Each week at the Nebraska Breakfast in Washington, I have the opportunity to share my perspective on the pressing issues of the day with Nebraskans visiting our Capitol. I also like to show charts that explain our federal budget situation. The federal government is big and complicated. It’s important to understand what the government spends, where the money comes from, and what the challenges are to overcoming our fiscal problems.

I invite you to watch a video of my budget presentation at a recent Nebraska Breakfast. You can view the charts that I use by visiting my website.

As it currently stands, the country has a $500 billion dollar budget deficit and a $17 trillion dollar debt, harming economic recovery and national security. In a bit of good news, the deficit has fallen due to spending reductions, tax code changes, and some economic growth. But the debt has consequences: it unfairly pushes the tax burden onto the next generation; it effectively shifts the assets of America to other countries, like China, which buy the debt; and it causes economic distortions that hurt the poor and those on fixed income the most. If we were to pay the debt off all at once, every American would owe $54,000.

At the end of last year, Congress agreed upon a top-line budget figure, which makes this year’s budget process calmer and less dramatic. I do not anticipate any crises in the short term. However, the process is always difficult. Responsible governing involves making choices among many programs with the limited resources before us.

It is said that it takes one mile to turn a battleship around. Getting the fiscal house in order will take more than quick fixes. You deserve a smart and effective government that delivers important policies and services for the well-being of the country - and you deserve the steadfast commitment from all leaders in Washington to tackle the fiscal challenge in a fair and constructive manner.