Rio Grande Foundation has its hands full in New Mexico, but like ALL Americans should be, we are concerned about economic conditions in our nation and wish to see the federal government do a better job of restraining spending. The federal debt ceiling doesn’t provide much leverage for reformers, but Speaker Kevin McCArthy has put forward a common-sense plan for starting to rein in our out-of-control federal government. It would suspend the debt ceiling for one year in exchange for the following common sense fiscal (and reasonably popular) reforms:
- One percent cap on domestic spending
- No funding for 87,000 IRS agents
- Cancel the hundreds of billions of unspent Covid money (the green new deal)
- Repeal Biden student loan bailouts
- Enact Reins Act requiring federal regulatory agencies to get congressional approval for new regulations
- Requiring more low-income Americans to work in order to receive government benefits, particularly food stamps and Medicaid.
McCarthy controls ONE house and narrowly at that. It is unlikely he’ll even get a majority of these items. But, it’s a plan and a reasonable one. So far the Biden Administration has offered nothing but more wasteful spending. This is not meant to absolve the Trump Administration and overspending by previous administrations, but to acknowledge that reductions MUST happen.