12/26/2009 - Here in Texas, we have a saying: When you find yourself in a hole, the first rule is to quit digging.
As I learned from my 26 years in the House of Representatives, that’s not always easy advice to follow. Members of Congress like to deliver projects and programs back to their districts. And for a while, we were all told that deficits didn’t matter. As we’ve learned, they do matter. We may have not been able to avoid deficits in the past two years as the government tried to fix the economy, but I’m not worried about two years. I’m worried about the path that our debt is on, even after the economy gets better.
While there is no silver bullet when it comes to fiscal responsibility, the bipartisan Peterson-Pew Commission on Budget Reform has come up with some reasonable targets. In "Red Ink Rising — A Call to Action to Stem the Mounting Federal Debt," a report we just released, we describe six steps to solving the debt problem.
Read the full op-ed Stenholm: Quit Digging the Federal Spending Hole on the Fort Worth Star-Telegram Web site.