Yesterday’s announcement from the Joint Select Committee on Deficit Reduction that it would not be able to identify $1.2 trillion in deficit reduction comes as no surprise.
The root of the problem: a difference in views within the so-called Super Committee about the proper scope of government. Liberals on the committee favored tax rate increases while conservatives favored flatter taxes and more spending reforms.
Now an automatic process built into this summer’s debt-limit deal, known as sequestration, will trigger devastating defense cuts and leave America vulnerable to threats.
“Mindless across-the-board cuts to government spending — especially cuts that gut the nation’s defenses when America already faces a military readiness crisis — is not the way to proceed,” Heritage Foundation vice president David Addington explains. “Nor is a job-killing tax hike that grows the government instead of the economy.”
America is now $15 trillion in debt and counting. It is now up to Congress to stop the overspending.
Heritage experts have identified three pillars of reform (link in PDF) and the necessary steps Congress needs to take to reign in spending. Lawmakers should:
- Drive down federal spending including making entitlement programs solvent;
- Maintain our ability to protect America; and
- Do so without raising taxes.
All this is drawn from Saving the American Dream, Heritage’s comprehensive plan to get America back on track.
What do you think? Can Congress take the necessary steps to get spending under control?