Thank you for contacting me regarding federal spending and the national debt. I appreciate hearing your thoughts on this important issue.

Our mounting debt is our most pressing national priority, and Democrats and Republicans must work together to put our fiscal house in order. In the last 10 years, our national debt has nearly tripled. In fact, at our current pace, interest payments on our national debt could rise to nearly $1 trillion by 2020. These mandatory interest payments will limit funding for other national priorities, like new roads, schools, and research. With this in mind, I am working to reduce our deficit and confront our mounting debt.

During the 111th Congress, I voted to reinstate the budget principle known as “pay-as-you-go.” The principle requires legislation that would increase the deficit to be offset by measures that reduce the deficit by an equal amount. That amendment was agreed to by a vote of 60-39, and I believe it is a good start to control deficit spending. I have also supported numerous bipartisan efforts to establish a five-year cap on discretionary spending. Discretionary spending caps have a proven track record of controlling government spending and reducing the deficit.

To begin to confront our mounting debt head on, I fought for the creation of the National Commission on Fiscal Responsibility and Reform, which President Obama created on February 18, 2010. This bipartisan commission, which was co-chaired by North Carolina’s own Erskine Bowles, produced recommendations to reduce the deficit by more than $4 trillion over the next 10 years. On December 1, 2010, the Commission published its final report, which you can read online at: http://www.fiscalcommission.gov/.

While I do not agree with everything in the report, the work of the National Commission on Fiscal Responsibility and Reform is evidence that common ground is possible. We must reduce spending across the board and reform our tax code to eliminate loopholes and make it fairer and simpler for everyone. I believe everything needs to be on the table, and the solution must be balanced and bipartisan.

Fiscal responsibility requires smart investments, budgeting discipline, and shared sacrifice. As a state senator, I served as co-chair of the Budget Committee and worked across the aisle to balance North Carolina’s budget for five straight years. As we work to put our fiscal house in order, we cannot neglect our obligations to our seniors or place undue burdens on working families. As Congress continues to work to reduce the deficit, I pledge to keep your thoughts and concerns in mind.

Again, thank you for contacting my office. It is truly an honor to represent North Carolina in the United States Senate, and I hope you will not hesitate to contact me in the future should you have any further questions or concerns.

Sincerely,

Kay R. Hagan