Daniel Coats on Budget & Economy Former Republican Senator (IN)

Commitment to no new spending unless offset & paid for

President Barack Obama's "summer of recovery" has been anything but, Coats said. Coats lambasted Democrats for spending at a pace that's unsustainable and piling up debt the nation cannot pay back. "There has to be a commitment to no new spending without it being offset and paid for," said Coats. "No more swiping the credit card and pumping and using debt to finance new spending."

This election, Coats said, needs to be relative to restoring the economy for future generations.

Voted NO on 1998 GOP budget.

Voted YES on Balanced-budget constitutional amendment.

Demand a Balanced Budget amendment.

The Contract from America, clause 3. Demand a Balanced Budget:

Begin the Constitutional amendment process to require a balanced budget with a two-thirds majority needed for any tax hike.

Limit federal spending growth to per-capita inflation rate.

The Contract from America, clause 6. End Runaway Government Spending:

Impose a statutory cap limiting the annual growth in total federal spending to the sum of the inflation rate plus the percentage of population growth.