Here’s a Promising Plan to Finally Get a Grip on Federal Spending

The Daily Signal ^ | July 25, 2019 | Romina Boccia

[Tolerance Sucks Rocks]

The massive spending deal, negotiated by Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi and agreed to by the president, looks poised to kill off the Budget Control Act of 2011—the law that was meant to restrain federal spending.

With that law on the way out, the question arises: Where can fiscal conservatives turn to exert real and lasting fiscal discipline?

Thankfully, two members of Congress have introduced a bill to do just that.

The Maximizing America’s Prosperity Act—or MAP Act—is a bill proposed by Rep. Kevin Brady, R-Texas, and Sen. Mike Braun, R-Ind., that would limit federal spending to a fixed portion of the economy, adjusted for economic conditions.

The bill would enforce that spending limit by triggering automatic spending cuts when Congress fails to abide by the cap. The spending cap would then be slowly lowered year by year to achieve budget balance.

The end goal of this bill is to get federal spending back down to the level of federal revenue. This would bring the country leaps and bounds closer to the lean federal budget we need and toward finally stabilizing the debt.

The MAP Act builds off the best parts of the 2011 Budget Control Act and would correct some of its shortcomings, such as broadening the scope of spending that can be cut and doing away with the defense/nondefense bifurcation.

The Budget Control Act was limited by the fact that its spending caps only applied to about one-third of the federal budget—discretionary spending—while nondiscretionary (or mandatory) spending was allowed to continue growing unabated. In addition, it placed separate caps on defense and nondefense spending, creating incentives to lift the caps on both sides.

[SaveFerris]

I have told people we’re beyond the point of no return now.

I might as well be a lookout on the Titanic yelling “Iceberg! Right ahead!”.

Most everyone just gives a shrug. I mean, I understand, what could anyone do about it? This thing is a mathematical certainty.

Like the Titanic.

I imagine “World Government” the “New World Order” and a “messiah” who “solves” the economic crisis cannot be too far in the future.

But I would not presume to set a date for such, of course.

[SaveFerris]

[When nobody buys the bonds anymore, a brief spell of hyperinflation will occur as the printing presses will have to go into overdrive to pay entitlements. Immediately after that an economic collapse into deflation will occur.]

If I may quote from this movie, that day will surely come. I wish it weren’t. But the numbers don’t lie. Unlike Joe Biden who said “If you listen to me we can fix this”.

I don’t know when that day is but it can’t be avoided. I am VERY sorry to say.

https://www.youtube.com/watch?v=CCzD3ONQsmM

[FormerFRLurker]

As a Millennial it bothers me to see our government recklessly overspending OUR money. I know my generation will be on the hook for this public debt for the rest of our natural lives but even the Boomers may not escape the consequences. When a country’s deficit approaches its total GDP that country is on the road to ruin.

Mr. President, if you’re reading this, please veto any budget that does not take in more revenue than it spends. That is the only way the uniparty in Congress will ever listen.

[northislander]

Never get a handle on spending until the Perpetual states of welfare and warfare are ended...