Think you can fix the federal budget?
Thursday, April 05, 2012
Think you can fix the federal budget?
As you may know, the House recently considered seven different
budget proposals, including a bipartisan option offered by Reps.
LaTourette and Jim Cooper. The budget was modeled after the
Simpson Bowles plan, where everything is on the table. It
will cut the deficit by $4 Trillion over the next decade. The
Concord Coalition has dubbed the LaTourette Cooper effort a
BFD -- "A Big Fiscal Deal."
Coming up with a budget that takes a good whack at the $14
trillion debt is no easy task, and the Congressman believes the
only way it will get done is to put everything on the table and lay
aside the partisanship. The Committee for a Responsible
Federal Budget has come up with a budget
calculator where you can make decisions about spending,
taxes and all facets of the budget. You will need to tally up
$1.86 TRILLION in cuts to reach 60 percent of GDP by 2021. If
we fail to get the debt under control, the public debt of the U.S.
is projected to grow to 94% of GDP by 2025 -- just 13 years from
now.
Please take a shot at this budget exercise and see how you
do. I think you will find it's much tougher to cut spending
than you'd expect. To learn more about the LaTourette-Cooper budget
substitute, click
here.
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