Cutting federal spending—at least on paper—is fast becoming Washington’s newest growth industry.
Get ready for the latest contribution tomorrow when eight senators release a bill to reduce spending as a percentage of the nation’s gross domestic product. Known as the Commitment to American Prosperity Act (aka, the “CAP Act”), the measure would set a 10-year “glide path” to cap all spending—apparently including funding for popular entitlement programs like Medicare—from the current 24.7 percent of GDP to what a news release calls “the historical level” of 20.6 percent.
The lead sponsors are Sens. Bob Corker, R-Tenn., and Claire McCaskill, D-Mo. Sen. John McCain, R-Ariz., and five other Republicans make up the co-sponsors. A Capitol press conference is set at 12:30 p.m. tomorrow, according to the release.
Thomas Geronikos Says:
February 1st, 2011 at 8:06 am
And how long do we expect that law to last? Like Gramm-Rudman and others before it, do we really need a new law to effectively implement what should be common sense? Each legislator needs to stop worrying about the pork and do what is right for their constituents – the American people. Let us stop allowing movement of jobs off shore without penalty, and start imposing import taxes on partially finished goods coming back into this country. Create a balanced jobs act, whereby a loss of one American job will result in a surcharge to that company. The extra revenue plus the retention of American jobs will more than adequately assist in the generation of additional capital. Has anyone taken a look at the trade deficit lately? While we are at it, a simplified flat tax with no loop holes for deductions for the wealthy, and finally, STOP the wars, bring home the troops and save the money for domestic readaptation and infrastructure improvement. Stop the crumbling of America while Congress fiddles.