Congressional leaders led a national debate in July 2011 about the problems of federal overspending and overborrowing. Unfortunately, at the end of the debate, Congress enacted a so-called Budget Control Act that did little to control overspending and vastly increased borrowing. Congress then scooted out of town for the month of August.
Congress left behind a new Joint Select Committee on Deficit Reduction, which some call a super-committee, to make recommendations on getting spending and borrowing under control, with a statutory goal of reducing the deficit by “at least” $1.5 trillion over fiscal years 2012 to 2021. The new Committee should take seriously the words “at least” and produce comprehensive recommendations with real substance that will both get federal spending and borrowing under control and encourage savings, investment, economic growth, and creation of jobs.Continue reading on blog.heritage.org