- The Foundry: Conservative Policy News from The Heritage Foundation - http://blog.heritage.org -
Telling Congress to Reduce the Deficit by Cutting Spending
Posted By Kathryn Nix On June 24, 2010 @ 10:00 am In Economics | Comments Disabled
On Saturday, June 26, America Speaks will host a national town hall meeting  in which any and all Americans will be able to voice their opinions on the federal budget and the devastating effects that Washington’s growing deficits will have on the U.S. economy. The discussion will focus on ways to address the fiscal crisis  before it is too late.
Federal deficits are growing due to increasing spending, not because of a lack of revenue. Heritage budget expert Brian Riedl explains in a recent paper :
The composition of spending has shifted dramatically from defense to entitlements, yet total spending has nearly always remained within 2 percentage points of 20.3 percent of GDP…Revenue stability should continue…Yet spending stability has ended. Baseline spending is projected to leap to 23.7 percent of GDP by 2015 and to 26.5 percent by 2020—levels not seen since World War II.
Because of this, solutions to the federal government’s unsustainable fiscal behavior should focus on reducing spending, not raising taxes. There are plenty of ways to do this, which include, but are not limited to, the following:
Many of these ideas are encapsulated in the Spending, Deficit, and Debt Control Act authored by Representatives Paul Ryan (R-WI) and Jeb Hensarling (R-TX), which Riedl explores here  and the authors themselves discuss here .
The take home point here is that reducing spending is possible, necessary, and sufficient to put the nation’s fiscal house back in order. To learn more about participating in the AmericaSpeaks’ discussion this Saturday, June 26, click here .
Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2010/06/24/telling-congress-to-reduce-the-deficit-by-cutting-spending/
URLs in this post:
 Image: http://www.foundry.org/wp-content/uploads/capitol-10-6-24.jpg
 national town hall meeting: http://usabudgetdiscussion.org/
 ways to address the fiscal crisis: http://www.heritage.org/Research/Factsheets/Enough-Is-Enough
 recent paper: http://www.heritage.org/Research/Reports/2010/06/The-Three-Biggest-Myths-About-Tax-Cuts-and-the-Budget-Deficit
 will continue to do so: http://www.heritage.org/budgetchartbook/entitlements-historical-tax-levels
 spending alone are not enough to close the budget gap: http://www.heritage.org/budgetchartbook/spending-cuts
 2010 edition of Federal Spending by the Numbers: http://www.heritage.org/Research/Reports/2010/06/Federal-Spending-by-the-Numbers-2010
 here: http://www.heritage.org/Research/Reports/2009/10/The%20Spending%20Deficit%20and%20Debt%20Control%20Act%20Would%20Help%20Congress%20Rein%20in%20Spending%20and%20Deficits
 here: http://www.washingtonexaminer.com/opinion/columns/We-need-to-cut-spending-now-96923989.html
Copyright © 2011 The Heritage Foundation. All rights reserved.