Many of you may recall my post on the budget (or shall I say lack thereof), in which I called out the House of Representatives for failing to offer a fiscal blueprint amidst passage of some of the largest pieces of spending legislation ever to go through Congress. If the House does not pass an FY 2011 budget, it will be a political stunt unprecedented since the inception of the Congressional Budget Act in 1974.
Fortunately, there are some representatives, such as members of the Republican Study Committee (RSC), who understand the importance of setting budget priorities. The RSC has introduced its own budget resolution in the form of H.Con.Res. 281, sponsored by Representative Jim Jordan (R-OH).
Highlights of H.Con.Res. 281 include the following:
- Makes permanent the 2001 and 2003 tax cuts and the Alternative Minimum Tax (AMT) patch;
- Proposes that overall discretionary spending return to FY 2008 levels until the budget is balanced in 2019;
- Provides spending increases for Medicare and Medicaid equivalent to economic growth rates;
- Requires each committee to find savings equal to 1 percent of total mandatory spending under its jurisdiction;
- Repeals the Troubled Asset Relief Program (TARP); and
- Repeals the Patient Protection and Affordable Care Act and Health Care and Education Reconciliation Act.
H.Con.Res. 281 accomplishes all of the aforementioned objectives without raising taxes and further burdening the American people with big government’s reckless spending. Moreover, we would begin to see surpluses in 2019 and 2020 and $6.4 trillion less debt than proposed in the President’s budget plan.
A budget is essential if Congress is serious about reining in our $13 trillion debt and restoring fiscal responsibility. We commend the RSC's efforts and look forward to working with them to bring their proposal to the floor for an up-or-down vote.
Click here to read our letter of support for H.Con.Res. 281, the Republican Study Committee's FY 2011 budget resolution.