Senate Votes Down 5-Year Balanced Budget Plan
Today we saw which Republicans understand free market economics and our looming debt catastrophe, and we saw which Republicans are intent on continuing the spending ways of Washington. Senator Rand Paul of Kentucky had introduced a budget that would balance in 5 years, offer structural reform to entitlement programs, eliminates several federal departments, and would implement a 17% flat tax, all without making dangerous cuts to the military. The complete budget can be seen here: http://campaignforliberty.com/materials/RandBudget.pdf
The bill was strongly supported by FreedomWorks and The Cato Institute. It was defeated 83-16, with 1 not voting.
The few usual leaders for fiscal sanity supported this plan, among them Senators Jim DeMint, Mike Lee, Tom Coburn, and Ron Johnson. Not surprisingly, establishment favorites and vice-presidential frontrunners Marco Rubio and Ron Portman voted against the bill. Of course, they were not the only Republicans to vote against it. This vote is a sign that we need more fiscal conservatives/libertarians in the Senate as soon as possible. Hopefully Ted Cruz, Deb Fischer, Kurt Bills, and others will be reinforcing the conservative core.
For visuals of the budget impact had it been enacted, here is a graph:
Also, it is easy to visualize comparison that to the Ryan Budget, which would take till past 2040 to budget. Medicare will reach insolvency by 2024; Social Security will have solvency problems by 2033. Of course even before that, our credit rating will continue to drop. Foreign holders of debt will start to demand their money, and the debt purchasing by the Federal Reserve present its own set of problems. If the excuse of some Republicans is that they prefer to vote for the Ryan Budget, that is not a valid excuse.
Here is the vote breakdown: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=112&session=2&vote=00100#position
|Not Voting – 1|
Contact your Senators and let the know that you demand a balanced budget!