Budget Deficit
Proverbs 22:7 teaches that “The borrower is the slave of the lender.” Numerous verses warn us that borrowing is risky business. Imagine how much more dangerous deepening debt is for a nation! We are also warned not to leave debt unpaid: “The wicked borrow but do not pay back, but the righteous are generous and give” (Psalm 37:21). As the budget deficit grows, we’re not only becoming further enslaved to other nations, we’re failing to fulfill our biblical responsibility to repay our debt.
Related Scriptures: Exodus 22:25- 27; Deuteronomy 15:1-2, 23:20, 28:12; Nehemiah 5:3-4; Proverbs 5:15, 11:15, 13:22, 22:26, 21:20; Matthew 6:24, 6:33; Luke 12:59, 14:28, 16:10-13; Romans 12:1-2, 13:7-8
Bush: In Florida, Bush balanced the state budget as governor; however, as president, he would focus on stimulating economic growth through a new tax system. His proposed tax cuts could increase the federal deficit by $1 trillion to $3 trillion over the next 10 years. Bush is one of the few candidates not focused on decreasing the national debt. Grade: F
Carson: Carson has become disillusioned with political figures who, in his words, “cannot grasp the concept of spending only what you have.” He strongly supports the ratification of a balanced budget amendment (which would prevent the government from overspending its income). Carson warns that budget cuts might be painful, but that they’ll be far less difficult than bankruptcy. He also proposes that all government agencies and departments cut 10 percent of their budgets, with no exceptions. Grade: A
Cruz: During a speech at the Conservative Political Action Conference in 2014, Cruz passionately stated, “We need to stop bankrupting our country.” He supports passing a balanced budget amendment that would halt the nation’s increasing deficit. He has focused largely on the impact that this debt will have on future generations, who will inherit the consequences of present decisions. Grade: B+
Fiorina: Fiorina’s advocacy for zero-based budgeting has set her apart from the GOP field. This approach would reset the budget every year, so that funding discussions would start at a base of zero and build from there. The existing budgeting process starts with the funding figures each department received the previous year. This practice encourages departments to spend their budgets in full, regardless of actual need, in an effort to preserve funding. Grade: B+
Rubio: Rubio’s goal would be to balance the budget within 10 years. In an effort to curb spending, he has also recommended freezing spending in all areas (other than defense) at 2008 levels. His vote for the Senate Republican plan in March 2015 (which balances the budget and cuts $4.3 trillion in spending) exhibits his commitment to this initiative. He believes that the nation’s debt creates national uncertainty. While balancing the budget, Rubio also advocates for prioritizing defense spending. Grade: A
Trump: Trump has speculated that if government spending continues unchecked, the United States will find itself in a position similar to Greece. He proposes a one-time, 14.25 percent tax on wealthy Americans to raise $5.7 trillion to reduce the nation’s debt. He also supports further budget cuts to reign in future spending. Grade: A+
