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Exclusive: Tea Party Would Cut $9 Trillion
U.S.News & World Report ^ | November 17, 2011 | Paul Bedard

Posted on 11/17/2011 9:32:38 AM PST by mdittmar

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:

"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.

TOPICS: Constitution/Conservatism; Front Page News; News/Current Events
KEYWORDS: bankrupt; broke; commission; debt; spending; taxes; teaparty
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To: taildragger
Good suggestions.

I like this plan. Bump for longevity.

41 posted on 11/17/2011 10:09:59 AM PST by Hemingway's Ghost (Spirit of '75)
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To: mdittmar

YES! This is what I’m talking about!

42 posted on 11/17/2011 10:12:52 AM PST by Emo4SC (Disclaimer: All thoughts expressed here are not my own, but merely what I've been told by Talk Radio)
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To: mdittmar

It’s an excellent first step!

43 posted on 11/17/2011 10:14:59 AM PST by Timber Rattler (Don't Tread on Me!)
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To: mdittmar

Replace the tax code with 999 and you are talking.

44 posted on 11/17/2011 10:16:31 AM PST by Thunder90 (Fighting for truth and the American way...
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To: mdittmar

It’s a real start.

45 posted on 11/17/2011 10:16:33 AM PST by Danae (Anailnathrach ortha bhais beatha do cheal deanaimha)
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To: mdittmar

Now they’re talking. Eliminating those redundant and ineffective agencies is a must. And docking the pensions as long as we’re running a deficit is a great idea. Pay for performance!!

I can hear the howls from the Leftards already.

46 posted on 11/17/2011 10:18:30 AM PST by SueRae (I can see November 2012 from my HOUSE!!!!!!!!)
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To: The Antiyuppie

A small start

47 posted on 11/17/2011 10:18:33 AM PST by mdittmar (i)
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To: edcoil
Freeze at current level for 5 years. Get rid of baseline budgeting. All you need.

All we need to accomplish what? We have 2.5T in tax revenue and a 1.5T deficit. We'd have to grow tax revenues almost 10% a year to get to a zero deficit in 10 years, and by that time we'd be close to another $10T in debt, $25T in total.

And in the mean time, we would have wasted all that money on HUD, DoE, etc. We are also going to see government expenses rise as the boomers retire. There is no easy answer any more in the idea of 'freeze and grow our way out'.

What growth in tax revenues we can expect as we continue to clean up the current banking mess (if we actually do clean it up) will be sucked up by growing payments on debt alone.

48 posted on 11/17/2011 10:18:38 AM PST by slowhandluke (It's hard to be cynical enough in this age.)
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To: mdittmar; All

The government needs to stop issuing new bonds, and immediately.

What kind of “INVESTMENT” is a government bond ?

What is the investor who buys a government bond “investing” in ?



Is that helpful in any way to economic prosperity ?

Me lighting my cigars with $100 bills would be a better use of capital.

Then I’m going to hear “infrastructure”.

But let’s go to back to the economic education equivalent of 4th grade: the “INFRASTRUCTURE” created by government building programs is not owned by private sector entities.

The infrastructure that is built by government is not owned by a profit-generating entity that a) has to financially stand on it’s own with no prospect of receiving taxpayer dollars to fund deficits and b) has no competitive pressure to lower it’s prices.

The design of quasi-government entities like power, bridge and tunnel, etc., authorities, invite the bilking of their customers.

Even in the manner where bonds are issued to build a specific project, where one can make the naive claim that the bondholders are getting a return from the infrastructure until the bonds are all paid off - even in that case, the private sector does not “own” the “authority” that winds up owning the infrastructure. So there is no real owner. Which is why the operating authority winds up spending a lot of money on itself and slowly letting the infrastructure maintenance fall by the wayside, despite all sorts of shouting that this is not true. Ultimately, someone who owns a thing cares about it. Someone who does not own a thing does not care about it. In the case of “authorities”, they know they have limitless funds from a) rate increases and b) taxpayer dollars.

Back to government debt: It has got to stop - completely. It is “quietly” spiralling out of control.

If the government could not borrow $1 more than it already has - that limits government spending to what government takes in.

Unless the government starts paying it’s bills with money that it just prints - but that would be transparent since government receipts and payments are transparent.

Remember, the government views money that it owes the Fed, OASDI funds (SS/Medicare), etc. for bonds that they own as money that government owes itself - and that is somehow different in the mind of Congress than money it owes to it’s ordinary bondholders.

If these intra-governmental holdings are treated ANY differently than government debt sold to the public (i.e., foreign banks, U.S. citizens, sovereigns, etc.), this means the government would consider the possibility of not paying those bonds back to itself.

If one thinks for 2 seconds about that - duhhh - then the cash it received for the “intra-governmental” bonds - WAS SIMPLY MONEY PRINTING. Can I get a duh ?

What does the government spending rule need to look like to allow wise@ss Congressman to take on fiduciary responsibility for government funds ? If the government takes in $2.2 trillion, spend up to $2.2 trillion, that’s it.

Incidentally, it is the only way to control government spending. Prohibit government borrowing in any and every way: no Treasury bonds, notes, bills, etc., ever again except if there is a declared war. And in that case, require that those bonds be paid off before 1 cent - NOT PERCENT - 1 PENNY - of increase is allowed in government spending.

IMHO, one frustrated, angry, crazy man. Disclaimer: who poses no threat because he’s given up, just laughing at the millions of idiots out there at all levels of the economic spectrum who are simply complete j@ck@sses. Some people need to run smack into a brick wall before they believe the warnings that they’re going to hit it. Then the consultants get called in to clean up the mess (and make a lot of money doing what should have and easily could have been done all along).

49 posted on 11/17/2011 10:18:49 AM PST by PieterCasparzen (We have to fix things ourselves.)
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To: mdittmar

Thanks for this long-awaited, common-sense, soothing post!

“Go bold or go home,” says the report from the Tea Party Debt Commission. “Are you listening, Washington?”

The Feudal Lords of the Beltway could not care less about what we think. But now we have a workable plan to save America, and they do not or ever will.

50 posted on 11/17/2011 10:23:20 AM PST by Graewoulf ( obama"care" violates the 1890 Sherman Anti-Trust Law, AND is illegal by the U.S. Constitution.)
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To: mdittmar

A good start.

The road to ending our nation’s addiction to out-of-control spending and financial enslavement to the Chi-Coms need to start somewhere.

51 posted on 11/17/2011 10:30:12 AM PST by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: mdittmar

Imagine that. Who knew we could actually cut the spending and survive? LOL!!

52 posted on 11/17/2011 10:34:34 AM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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I am an unafraid and unapologetic TEA Party supporter.

I fully endorse the recommendations in this budget.

53 posted on 11/17/2011 11:15:08 AM PST by pyx (Rule#1.The LEFT lies.Rule#2.See Rule#1. IF THE LEFT CONTROLS THE LANGUAGE, IT CONTROLS THE ARGUMENT.)
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To: mdittmar
Eliminate Dept of Interior, give all the Nat'l Parks/BLM lands back to each state to manage.

Reduce Dept of Agriculture down to food safety/inspections, then send it to each state to manage.

54 posted on 11/17/2011 11:34:38 AM PST by DTogo (High time to bring back the Sons of Liberty !!)
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To: taildragger

Get us out of the U.N. sell the building and evict all the members from our country!

55 posted on 11/17/2011 12:02:43 PM PST by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: ken5050; Jim Robinson; mdittmar; rightwingintelligentsia
From Freeper rightwingintelligentsia

I just received this via e-mail from my local Tea Party chapter. I don't know what to make of it.

I have just been notified by a member of the Tea Party Debt Commission that the U.S. Senate Rules Committee has just CANCELLED the presentation of the TEA PARTY BUDGET REPORT to Congress!!! Supposedly, an alleged "suspicious package" has been found near the presentation area.

C-SPAN3 was supposed to cover their presentation live at 2pm (even had a crawler announcing the event). Instead C-SPAN3 is covering "Global Economy, Jobs & Deficit held at the Four Seasons, DC---to be followed by the next session of the Solyndra hearings.

No reason given for the change of programming.

56 posted on 11/17/2011 12:09:09 PM PST by thouworm (.)
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To: Graewoulf

“Are you listening, Washington?”.....IF NOT!

Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats.

H. L. Mencken

57 posted on 11/17/2011 12:14:10 PM PST by W. W. SMITH (Obama is an instrument of enslavement)
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To: Jim Robinson

Well, to be honest...

If you cut the government first, spending is then cut as a consequence (ie: no longer have to pay for what you don’t have).

Which then can lead to a cut in taxes.

58 posted on 11/17/2011 12:49:17 PM PST by gogogodzilla (Live free or die!)
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To: DTogo

Let’s not forget the actrocity that is the Department of Labor...

59 posted on 11/17/2011 12:52:24 PM PST by gogogodzilla (Live free or die!)
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To: kevkrom

Ditto... A start.

60 posted on 11/17/2011 1:25:16 PM PST by The Mayor ("If you can't make them see the light, let them feel the heat" — Ronald Reagan)
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