Debt - which next year will take $1 out of every $5 spent by the federal government - is the overriding issue of the 1992 U.S. Senate campaign, Republican Ted Stewart said Wednesday.
Stewart, chairman of the Public Service Commission, issued his first campaign position paper saying if a candidate doesn't have a tough, specific plan to reduce the federal deficit, he shouldn't be in the race."The accumulated debt of this government is $3.5 trillion, that's a personal liability for each man, woman and child of $14,000. And it must be repaid.
"Some say we need a tax increase to close the deficit. I say nonsense. We are already severely overtaxed. Federal taxes take 19.4 percent of our gross national product - a higher percentage than during the Carter (presidential) years."
Stewart proposes freezing the federal budget for a minimum of three years. Natural revenue growth should catch up and balance the budget. Federal revenues do grow significantly each year, he said. The problem is that Congress and President Bush spend more than that growth. Of course, a freeze doesn't pay back the trillions of dollars that are still owed, but it is an important start.
In addition to the freeze, Stewart says Congress must adopt a balanced budget amendment, a presidential line item veto, reform the budgetary system so there is a single budget adopted, and reform the criteria used to award payments for various entitlement programs.