Today's Wall Street Journal posted an article about a Republican budget plan to cut spending, deficits, and taxes, and balance the budget. As you remember, the Democrats did not pass a budget for next year--they 'deemed' a budget passed and planned to work on the budget after the election in November. That way they cannot be held responsible for the excessive spending.
Tom Price of Georgia, head of the conservative Republican Study Committee, has put together the budget plan.
According to the article, the plan:
"...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."
The article concludes:
"Mr. Price and his RSC colleagues show that you can get from here ($1.5 trillion annual deficits) to there (a balanced budget) through spending discipline and economic growth. Can it be done the Democratic way, with higher taxes and lower growth? Not likely."
With the current Congress, it is unlikely that this sensible budget plan will ever see the light of day. If voters elect a new Congress in November that is responsive to voters, we might be able to stop the runaway spending and the coming massive tax increases.
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