The Federal Government should reduce, with the intention of ending, the ongoing cycle of deficit spending and commit to a practice of accountability without loopholes, for the benefit of all people of the United States. Reform Party founder, Ross Perot, identified the already building trend of having the US Treasury issue bonds with proceeds to fund current government operations. Our goal is to end the practice of borrowing against future tax revenues without a clear plan to settle this debt.

Although not a typical year, in the fiscal year 2021 the federal government collected $4.05 trillion and spent $6.82 trillion, resulting in a one-year deficit of $2.77 trillion. The total national debt was $28.43 trillion at the end of fiscal year 2021. ^[1]

The Reform Party promotes careful budgeting, spending control, and a focus on programs that support, improve, and promote the general welfare of communities.

To promote accountability, the Reform Party supports the mission of the Government Accounting Office (GAO) and Congressional Budget Office (CBO) and similar State and local agencies to provide financial audits and reviews that evaluate department and program results against planned outcomes.

Department and program functions should be monitored for adherence to mission and for overlapping mission scopes. Each department should be established with the intention to keep responsibilities and the use of resources transparent.

The Reform Party calls for a Constitutional amendment that constrains deficit spending. It is necessary to enforce fiscal discipline with consequences that have an impact on every legislative district. The amendment we favor would allow for Congress to declare an emergency before penalties become effective. A national emergency declaration will also delay budgetary penalties. A plan to return to fiscal discipline must be enacted when the emergency declaration expires.

References:
1. Source: USAspending.gov