Presidential candidate Rand Paul has announced his support for a balanced-budget amendment (BBA) to the U.S. Constitution. This is an old idea, but a good idea. A BBA has been proposed in Congress as far back as 1936. In 1982 the Senate passed a BBA by a vote of 69-31, but it failed to get the needed two-thirds approval in the House.
Republicans control both chambers of Congress. Republicans trumpet their desire to cut federal spending and control the growth in entitlement programs, but a number of their actions over the last month suggest otherwise.
For more than a century, the federal government has pursued a misguided witch hunt against perceived monopolies in the private sector. But in a glaring hypocrisy, Congress has long protected one of the nation’s largest businesses against competition. The legal monopoly conferred on the U.S. Postal Service (USPS) is a relic. Government-run mail makes no sense in our email-dominated economy, and other nations are showing that postal privatization works.
For taxpayers needing IRS help, this year’s filing season could be a nightmare. The Washington Post today reports on the long lines at IRS offices. The newspaper suggests that five years of Republican budget cuts are to blame, even though Democrats control the White House and, until recently, the Senate.
The Veterans Health Administration (VHA) is plagued with problems. Veterans wait months for medical care and have few options for accessing non-VHA providers. In addition to all of the issues relating to providing health care, construction of VA medical facilities is mismanaged, which costs taxpayers billions of dollars in extra costs.
Chairmen of House and Senate Budget Committees Propose Good Fiscal Frameworks, Particularly Compared to Obama’s Spendthrift Plan
Earlier this year, President Obama proposed a budget that would impose new taxes and add a couple of trillion dollars to the burden of government spending over the next 10 years.
House Budget Committee Chairman Tom Price (R-GA) released his budget proposal this morning, which outlines spending priorities for 2016 through the next decade. The proposal is a mixed bag. It includes some reform steps, but also fails to aggressively confront the dire fiscal realities facing the nation with specific spending-cuts.
The federal government’s debt ceiling will return on Monday following a 14 month suspension. This is the first of many important fiscal deadlines that Congress must consider before the end of the calendar year. These deadlines represent opportunities for Congress to control spending growth and reform entitlement programs.
Below is a list of the major fiscal deadlines:
Federal outlays in 2014 topped $3.5 trillion. Over the next ten years, federal outlays are expected to climb to $6.1 trillion. The Government Accountability Office (GAO) tries to keep tabs on some of the obvious waste in the vast federal budget. One of its efforts is an annual report highlighting areas of duplication, improper payments, and other types of inefficient spending.