Tackle debt with spending reforms

Treasury Secretary Timothy Geithner is asking Congress to increase the allowable federal debt ceiling for the fourth time in the last two years. Congress should say no — unless such an increase is coupled with new anti-spending reforms that would make any future additions to our debt nearly impossible. To put our nation on a path of fiscal responsibility, such reforms must include: all areas of discretionary spending, updating entitlement programs while protecting seniors and budget enforcement reforms to ensure budget limits are honored in practice as well as politics.

In 2008, Americans were shocked to learn that the federal deficit nearly tripled from over $160 billion to over $459 billion. Three years later, that annual deficit tripled again to over $1.4 trillion — with a total balance of over $14 trillion. Washington forgot what every family knows: Don't spend more than you earn. We need legally binding, anti-spending reforms to remove the growing danger that crippling debts pose to our future.

First, in addition to reducing discretionary spending to pre-stimulus levels, we must end wasteful and duplicative programs. I introduced legislation to establish a blue-ribbon bipartisan “Grace Commission II” with the power to submit savings proposals directly to Congress for straight up-or-down votes. In addition to an anti-spending commission, we should legally limit government to a share of national income, enact a balanced-budget amendment and give our president the power of a constitutional line-item veto to target waste. Finally, to ensure the solvency of Medicare and Social Security for our children, we have to end our raid on these programs while protecting current retirees.

The November elections sent a mandate from the American people to stop spending money that we don't have. Democrats and Republicans should agree that $14 trillion in debt is unsustainable and should be eliminated.

U.S. Sen. Mark Kirk

Highland Park