July 16, 2010

GOP Not Completely Clueless

Really. John Fund brings word of a serious, principled budget suggestion. And it's from the GOP!

In one of the most fiscally inept stunts in many years on Capitol Hill, Congressional Democrats have taken a pass on enacting a budget this year. Legislators will just wing it and let the $3.6 trillion fall where it may and hope the public doesn't notice a $1.5 trillion dollar deficit. But the minority Republicans have just presented their own budget plan and it's a remarkably bold and honest document that involves big cuts in government spending over the next decade and a balanced budget by 2019. The GOP budget would be a Tea Partier's dream come true if it ever were enacted.

The plan, fashioned by Tom Price of Georgia, head of the conservative Republican Study Committee, reduces federal borrowing from the Obama baseline by a gargantuan $6.4 trillion over the next decade. Not bad considering that it also lowers taxes by $1.7 trillion more than the Obama budget by making the Bush tax cuts permanent. Spending reductions start with what Mr. Price calls a "reset" on spending for discretionary programs back to 2008 levels. That insures that "temporary" stimulus funding doesn't get continued year after year. The plan also instructs the President and Congress to dedicate every penny of bailout money repaid to the federal government by the banks to debt retirement.

111th Congress Posted by John Kranz at July 16, 2010 6:26 PM

Let's start the voting now:

"Aye."

Posted by: johngalt at July 16, 2010 10:54 PM

Aye. This is a thing of beauty.

Posted by: jk at July 17, 2010 11:43 AM | What do you think? [2]