The federal deficit and growing debt burden are among the most critical problems facing America today, and are the two most important long-term problems of our economy.

Our debt hinders efforts to deal with the current recession, prevents the government from effectively dealing with Social Security and Medicare deficits, leads to a weaker dollar and inflation, and prevents us from investing in our country.

Unfortunately, in the short-term, the government must continue deficit spending to avoid a total collapse of our economy. Areas where we can immediately begin to have an impact are reductions in wasteful spending and reallocation of existing spending to programs that work. We also must reduce spending in and for Iraq, work toward a health care system that produces better results at a lower cost, and implement a fair and simple tax code. These initiatives are essential to a successful America.