Federal spending is out of control. Even President Obama knows it. To really stop the madness, Reps. Jeb Hensarling (R-TX), Mike Pence (R-IN), and John Campbell (R-CA) have proposed a simple solution – a constitutional amendment capping federal spending at 20 percent of the economy. Their proposal puts the debate squarely where it should be: exploding federal spending and the size of government. The authors of the amendment write that “Fiscal reform must begin and end with significant spending restraint. If not – if spending continues unchecked – this generation …
The federal government’s bailout parade wasn’t enough to save California this week. In a move that drew praise from some conservative quarters, President Obama refused to send federal aid to the Golden State. California had asked the Treasury Department to help with its $24 billion deficit. But rather than open the U.S. treasury to ailing states, Obama and Treasury Secretary Timothy Geithner decided California must first get its budget in order before relying on a federal bailout. Reacting to the news at this week’s Bloggers Briefing at The Heritage Foundation, …
This week’s debate over the Medicare bill (H.R. 6331) ranks as the biggest battle over health care policy since last year’s bitter debate over the reauthorization of the State Children’s Health Insurance Program (SCHIP). President Bush, vowing to oppose any bill that would curtail the personal choices or benefit options of seniors enrolled in Medicare, vetoed the Medicare Improvement for Patients and Providers Act. Earlier this week, however, the House voted 383 to 41 to override Bush’s veto, and the Senate followed suit, overriding the veto by a vote of …
Reps. John Campbell (R-CA) and Jeb Hensarling (R-TX) have offered a constitutional amendment that would forbid federal spending from growing faster than the economy (as defined by the nominal gross domestic product). Both lawmakers should be applauded for acknowledging that runaway spending – rather than low tax revenues – is the chief budget problem, and that spending caps are a strong solution. Had spending been limited to the overall economic growth rate since 2001, the budget would have been in surplus last year. Spending caps will finally force lawmakers to …
