This chart compiled by the Republican Study Committee using data from the U.S. Treasury provides a look at total debt owed to foreign countries.

(Note that these amounts refer to foreign holders of U.S. debt.  For a look at a breakdown of total debt held by the public, click here).

After decades of overspending, we owe trillions of dollars to foreign countries.  Instead of a future of debt, doubt and decline, it’s time for real solutions. Here’s my plan of action to address government spending.

Also -

• Frequently asked questions about the debt and deficit
• The Balanced Budget Amendment is a game changer
• How the debt impacts jobs

This week, the House of Representatives approved – with my support – the Senate amendment to the Jumpstart Our Business Startups (JOBS) Act. (You can read about the House-passed version here). The JOBS Act is a bipartisan bill that will help remove barriers to job growth, jumpstart business startups and create jobs. The measure passed 380-41 and is headed to the White House for President Obama’s signature.

The path to economic growth is empowering America's businesses to prosper so they can, in turn, create jobs for Americans. The passage of the JOBS Act is an important step towards this goal, but there is much more that can and should be done.

Here's a list of House-passed bipartisan bills that are awaiting action from the Senate. 

(Click here or click the image below)

The President's FY13 budget request calls for more spending. Leaders in the Senate have refused to pass a budget for over 1,000 days. This type of budgeting is irresponsible and we are seeing the consequences in the fiscal health of our nation. America needs a new direction when it comes to our federal budget.

This week, House Budget Committee Chairman Paul Ryan released a budget blueprint for America. I want to make sure you have access to this budget proposal, so you can read it and analyze it and make an informed decision.

Read Full Report

Key Facts & Summary

A Contrast in Visions

The budget passed Committee this week and is expected to be voted on by the full House of Representatives next week.

I want to know what you think about this proposal - do you believe that this is the type of budget proposal that we need to move forward in America?

This month marks the third anniversary of the unprecedented trillion-dollar “stimulus” package passed under House Speaker Nancy Pelosi and President Obama (the Congressional Budget Office estimates the cost of the stimulus will reach $825 billion and interest on the debt for the stimulus will be at least $347 billion). The American Recovery and Reinvestment Act (H.R. 1) was rushed through the House and Senate on the promise that it would immediately jumpstart our economy and “save or create” up to four million jobs.

However, the reality of the stimulus tells a different story.

• With 1.1 million jobs lost since the stimulus was enacted (at a total cost of $1.172 trillion), the stimulus spent more than $1 million for every job America lost since it was enacted.
• Median household income dropped $3,378 in 2010, falling to its lowest level since 1996.  Household income has fallen by 6.4 percent since 2007.
• At the time the bill was signed into law, the national unemployment rate stood at 7.6 percent. Unemployment has now been above 8 percent for 36 straight months.
• The U.S. ranks 13th in ease of starting a business in the world according to a World Bank report.  In 2007, the U.S. ranked 3^rd.

I was one of only 17 Members of Congress to vote against both this stimulus and every other stimulus and bailout under the Bush and Obama Administrations because I believed that they would not work.

You deserve better than a future of debt, doubt and despair. It’s time for real solutions. Nearly 30 bipartisan jobs bills already passed under the House Republican Plan for America’s Job Creators. They are now awaiting the Democrat-run Senate’s approval. You can track those bills here.

I believe one of the first steps we must take to turn our nation’s fiscal course is to quit spending money we do not have and fix the broken budget process.  The American people need to know that they have a fact-based, honest budget, and that leaders in Washington are making every effort to expedite spending cuts. I recently supported two bills that would bring us closer to that end.

Reform the Budget Process. I supported the Budget and Accounting Transparency Act, H.R. 3581. This would bring government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac on-budget and require consideration of the market risk when calculating the cost of federal loans and guarantees.  Read more here.

This bill passed the House by a vote of 245-180.

Expedite Consideration of Spending Cuts. I supported H.R.3521, to provide for an expedited process for spending cuts in which the President can submit to Congress proposed discretionary spending cuts from appropriations bills.  The President cannot unilaterally veto funding; this bill simply allows the President to propose a rescission, and for that proposal to receive expedited consideration in Congress. It would be voted on by the House and Senate and would have to be signed by the President to become law. Read more here.

This bill passed the House by a vote of 254-173.

Read more about my work to cut spending here.

The President's budget is available here: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/appendix.pdf 

Question of the Week: Do you support the President's budget request for Fiscal Year 2013?

(  ) Yes, I support the budget request.
(  ) No, I oppose the budget request.
(  ) Other (leave your comment below)
(  ) I am unsure.

Take the poll here.

Find the results of last week's instaPoll here.

Learn more about Randy's positions on the budget and spending issues here.