budget & debt

I believe it is inexcusable to add $500 billion to $1 trillion annually to the debt, saddling us and our children with hundreds of billions of dollars of interest. I will work with like-minded senators who will oppose a budget process that prevents effective debate, amendments, and spending caps. I will look to eliminate ineffective and wasteful programs and to reform entitlements for people under 55 years of age.

Politicians in my party have historically rallied to the banner of a balanced budget. The passion appears to have cooled a bit over the last few years as deficits have nearly reached a trillion dollars under a Republican Administration. But even in past years, the political enthusiasm for fiscal balance has generally not been accompanied by realistic proposals to actually achieve it. We now have more than $21 trillion in national debt. The interest paid last year by American taxpayers on that debt was nearly $300 billion. 

The best way to reduce the deficit would come through economic growth. The tax and regulatory policies enacted during 2017 were designed to do just that. Even with high growth, we will have to reduce government spending if we are to reach a balanced budget. I have long favored a Balanced Budget Amendment that would help reduce the federal deficit and help rein in spending. If we are at all serious about balancing the budget, we have to look at where most of the money is spent. Medicaid, Medicare, Social Security, and other non-discretionary items make up about two-thirds of government spending. Defense spending is also eligible for savings. We must depoliticize the process of defense funding: Our military leaders should be trusted to make the decisions about which weapons programs receive funding, not politicians.

Romney Supports President’s Decision on Capital Gains

Argues such a change would favor wealthy investors over American workers
WASHINGTON—U.S. Senator Mitt Romney (R-UT) today commended President Trump’s decision this week not to lower capital gains taxes by indexing gains to inflation. In a letter to the Secretary of the Treasury, he outlined that such a change would benefit wealthy investors without supporting American workers. Additionally, he argued that amending the capital gains tax law should be done in Congress, rather than the Executive Branch.
The full text of the Senator’s letter is below.

Romney Opposes Deal That Adds Trillions to the National Debt

When I ran for Senate, I promised the people of Utah I would oppose irresponsible spending that adds to our national debt and burdens future generations. This deal unfortunately perpetuates fiscal recklessness by adding another $2 trillion to the debt, and I cannot support it.

Romney Opposes Wasteful $19.1 Billion Spending Bill

It’s unfortunate that this spending bill, which was initially aimed at aiding Americans affected by natural disasters, has been loaded up with billions of dollars in unrelated pet projects—growing to over $19 billion in just the past few weeks.

Romney Files Amendment Requiring Congress to Budget for Future Natural Disasters

In the past 5 years, we’ve spent more than $41 billion beyond existing spending limits on natural disasters. It’s time for Congress to start planning ahead for natural disasters by including funding for them in the annual budget process, instead of busting our spending limits and adding to our skyrocketing national debt. By including funding for disaster relief in the annual budget, my plan will make sure we live within our means instead of running up the government’s credit card.