GOP Economic Leader Unveils Comprehensive Spending Reform Package
by TexasGOPVote on June 27, 2011 at 9:40 AM
Washington, D.C. - Congressman Kevin Brady, introduced legislation that would impose mandatory smart caps on federal spending and provide for flexible fiscal guardrails that shrink the size of government.
“Creating jobs is our number one priority. In order to get our economy moving again we need to put America’s fiscal house in order,” said Brady. “Our federal government is already too big, and is only growing bigger under this Administration. This represents a significant threat to our nation’s future prosperity."
Brady unveiled details of his proposal last week during an address at the American Enterprise Institute in Washington, D.C. The legislation, titled the “Maximizing America’s Prosperity Act” imposes smart statutory caps on congressionally controllable spending relative to the size of the economy.
“Our persistent deficits and growing debt are significant road blocks to job creation. However, debt and deficits are merely symptoms of an underlying disease – excessive federal spending. We need to treat the disease in order to alleviate the symptoms,” Brady added.
In addition to mandatory smart caps on spending, Brady’s legislation includes other important guardrails around Congress and the White House to keep America on the path to restoring fiscal responsibility:
- A politically sustainable and tough sequestration process that would put every federal spending program at risk – no sacred cows – for spending reductions if Congress and the White House fail to comply with the smart caps;
- Would transform the President’s budget from of political wish list into a meaningful decision-making tool by requiring that it comply with the mandatory smart caps;
- For the first time ever, the budget would be required to prioritize every dollar of federal spending into 5 categories from most to least essential. Each category could contain no less than 12% of spending;
- An Item Reduction veto that would allow the President to reduce the amount of any appropriation and have that proposal given a prompt up or down vote;
- A Sunset Commission to make every federal agency justify its existence like the Sunset Commission in Texas that has saved taxpayers millions of dollars;
- A permanent continuing resolution that sets spending at 90% of the prior year’s levels. This would avoid government shutdown threats that result in higher spending by establishing a default position where the government spends less.
Brady concluded, "Experience at the federal level, the state level and among our global competitors offers us important lessons in how to get the job done. We need to learn from those lessons. We don’t have the luxury to wait."
Despite being released only a short while ago, The MAP Act has garnered significant grassroots support, as shown below:
“Representative Brady is to be commended for sponsoring the most comprehensive and well-conceived plan ever to reduce the size of the federal government and protect the American people from higher taxes.”
--- Kevin Hassett of the American Enterprise Institute
“Because they are thorough, and well put together the fiscal reforms in the MAP Act would – over a period of several years – significantly reduce the burden federal spending and save America from a fiscal crisis.”
---Dan Mitchell of the Cato Institute
“As Director of the Office of Management and Budget for President Ronald Reagan, I applaud Rep. Brady for introducing the MAP Act. MAP’s smart spending caps and innovative guardrails would keep Congress on the path of reducing federal spending as a percent of GDP back down to its level during the late 1990s.”
---Jim Miller, Senior Advisor to Husch Blackwell, LLP, and former member of President Ronald Reagan’s cabinet
“At a time when the nation’s debt has ballooned to more than $14.4 trillion, members of Congress should be looking for every viable way to slash wasteful programs and curtail superfluous spending. The MAP Act safeguards taxpayers against irresponsible increases in federal expenditures, encourages healthy budgeting, promotes transparent accounting practices, and provides a framework to keep lawmakers in check.”
---Thomas Schatz, President of Citizens Against Government Waste
Congressman Kevin Brady represents Texas 8th District and serves as Vice Chairman of the Congressional Joint Economic Committee and is a senior member of the House Committee on Ways & Means.