DC Committee Offers Sizable Cuts
A group of fiscally conservative lawmakers in Washington, D.C. (wait … those actually exist?) will be offering an alternative to the recently-released “Republican” budget, The Hill is reporting Friday.
The Republican Study Committee – a 176-member caucus of GOP lawmakers – is unveiling a spending plan that would cut an estimated $9.1 trillion over the coming decade. The “Honest Solutions” plan, as it has been dubbed, will be offered as an amendment during the debate over the federal government’s FY 2012 budget.
Congress did not pass a FY 2011 budget a year ago – they were too busy ramming Obamacare down our throats to do their jobs, remember? As a result, the nation’s $3.7 trillion budget – of which $1.6 trillion is deficit spending – has been implemented via a series of continuing resolutions.
The latest of those resolutions expires at midnight.
That’s this year’s budget, though – the Study Committee plan addresses next year’s spending plan, which will take effect on October 1, 2011.
Last week, U.S. Rep. Paul Ryan unveiled a proposal that would cut $6.2 trillion over the coming decade – but Ryan’s plan doesn’t touch Social Security, an unsustainable entitlement program that is one of the primary drivers of government spending.
The “Honest Solutions” plan does touch Social Security – gingerly, though – proposing that the retirement age be raised to 70 by the year 2045,
One of the committee’s leaders and a co-author of the plan is U.S. Rep. Mick Mulvaney (R-S.C.), who soundly defeated Nancy Pelosi’s budget chairman John Spratt in 2010.
In an interview with The Hill, Mulvaney said that the budget plan offered by Ryan “does not address rapidly enough reforms of the major drivers of our deficit, which are the entitlement programs.”
Mulvaney made news during his first few weeks in office by referring to Obama’s FY 2012 budget as “a joke.”
If all of its recommendations are adopted, the “Honest Solutions” plan would balance the federal budget by 2020. Ryan’s plan would take another 20 years to achieve that result.