What it entails:
1. Cut – The bill provides specific numbers to limit both discretionary and mandatory spending for FY12. These numbers would drive further Congressional action this year or else force a Presidential sequester. (I explain a sequester below.) The intent of this section is to force Congress and the President to cut spending immediately.
2. Cap – The bill would establish a new enforceable limit on total federal spending as a share of the economy. The new caps are designed to phase federal spending down to just below 20% of GDP by FY17 and then hold it there through the end of a 10-year budget window in FY21. Put more simply, this is a new enforceable aggregate spending cap.
3. Balance – The bill would increase the debt limit by $2.4 trillion after the House and Senate have passed a Balanced Budget Amendment (of a certain type).
The private sector should run the economy, not the government. When it comes to spending, the government always wastes most of what it spends.
The bill probably won’t pass the still Dem-controlled Senate. Big surprise. But it’s a plan, which is a hell of alot more than Obama has offered, which is no plan except to blame the GOP.
The so-called Gang of Six Plan, proposed by Sens. Kent Conrad (D-N.D.), Mark Warner (D-Va.), Dick Durbin (D-Ill.), Mike Crapo (R-Idaho), Saxby Chambliss (R-Ga.) and Tom Coburn (R-Okla.) adopts a $500 billion down payment and a later reform bill generating an additional $3.2 trillion in deficit reduction. That later bill is largely left up to committees of jurisdiction, and they are only required to meet specific savings targets.
Congratulations, lunkheads. Leave the future decisions on the deficit and debt reduction to a committee instead of firming up those requirements through legislative action.
By the way, it also provides for $1 trillion in what sponsors call “additional revenue”, READ: higher taxes.
Stop spending this country into an economic black hole. Stop the gawd-awful waste of “discretionary spending” (which means billions of dollars in pork barrel projects). Stop giving welfare payments in the form of stimulus and bailouts, which includes payoffs to unions. The tax/borrow/spend orgy is unsustainable. There aren’t enough wealthy people in the United States to shake down in order to cover the skyrocketing debt. The middle class is also getting screwed by a class warmonger who considers them to be among the “wealthy”. The ability of the population to fork over the billions needed to feed the maws of the government spending apparatus, is dwindling. It will get to the point where there won’t be any rich people to tax, which will put a big cramp in Obama’s “spread the wealth” Marxism.