The federal government runs massive deficits not because it taxes too little, but because it spends too much. The current system encourages overspending and lacks enforceable spending restraints that require the politicians in Washington to prioritize our constitutional obligations and make tough decisions. Furthermore, most in Congress believe we can continue to borrow trillions of dollars to pay for everything rather than reform, cut, and eliminate wasteful programs.
The only way to get federal spending under control is with a strong, structural, and enforceable restraint like a balanced budget amendment to the Constitution. Only then will Republicans and Democrats be forced to prioritize the nation's constitutional obligations and put the country on a path to fiscal sustainability.
Updated July 21, 2011