Scoffing at Washington's troubled effort to cut just $1.2 trillion in federal debt over 10 years, the Tea Party's own debt commission today unveiled a shocking plan to slash nearly $10 trillion over the next decade, in part by eliminating several federal agencies, balancing the budget by 2015, and killing foreign aid to unfriendly nations.
"Go bold or go home," says the report from the Tea Party Debt Commission. "Are you listening, Washington?"
The FreedomWorks-led effort started months ago by asking Tea Party members for ideas on what to cut from the federal budget. They ended up going much further than Congress or the president wants.
Their plan would cut spending by $9.7 trillion, and shrink the federal government from 24 percent of GDP to 17.5 percent, in line with the post-war norm.
Key initiatives include:
- Repealing the president's health care reform plan.
I agree with this completely. ObamaCare is a POS (in my "Liberal" opinion) and in the 2000 pages, I've found only two positives: 1. eliminating the pre-existing condition clause so that people can change jobs or start their own businessesand 2. Covering kids through college. Other than that, it sucks balls IM"L"O.
- Eliminating four cabinet agencies: Energy, Housing and Urban Development, Commerce and Education, and reducing or privatizing the EPA, Fannie Mae, Freddie Mac, and TSA.
This gets a little trickier as the law of unintended consequences comes into play. Eliminate the Energy department altogether? I could certianly see reducing it. Housing & Urban Dev? Probably. Commerce? I'd have a problem with this - at least several of the components of it. Education? Sure. It's a waste. EPA? This one I could see reducing. Fannie Mae & Freddie Mac? I'm surprised they don't want to just end the danm things and privatize them! I would. TSA. Again I agree.
I would also include HSA. What was supposed to eliminate inter-agency rivalry, has ended up creating another bureauacracy to rival other agencies and drain the budget - in my "Liberal" opinion.
- Ending farm subsidies, foreign aid to unfriendly nations, and student loans, or what the Tea Party report called "luxuries we can no longer afford."
I would end a LOT of farm subsidies - especially those paid for NOT growing crops. Don't know enough about the rest to comment. Foreign aid to unfriendly nations? This is a BIG Occupy position! So of course I agree! Student loans? Do we really want only the very wealthiest to have the opportunity to go to college? I might change how and to whom they're given, but considering it's such a small overall cost and is something I think is pretty important, I can't see just ending them.
- Suspending pension contributions and cost of living adjustments to lawmakers when the budget is running a deficit.
Completely agree!
- Killing all congressional earmarks.
Another position where OWS and the TP agree!
- Cut federal employee pay by 10 percent and slash employee travel to $4 billion, half of what was spent in 2000.
I think this would be accomplished by reducing the SIZE of government.
- Make the Bush tax cuts and the alternative minimum tax permanent.
Regardless of what Repblicans say, not once in history has cutting taxes ever resulted in increased revenues. There is no evidence to support any conclusion other than this would increase the deficit. None.
"Imagine a plan that cuts, caps, and balances federal spending without raising taxes; that gives future generations control over their own retirement security; and that lifts the massive debt burden from our children's shoulders so they can know the American dream of ever-higher freedom and prosperity. And on top of all that, imagine that it's a serious, credible, plan generated by the grassroots. This is that plan," said the report.
Exclusive: Tea Party Would Cut $9 Trillion - US News and World Report