The Lamb Chop Plan
Institute a balanced budget amendment - A balanced budget amendment would prevent Congress from increasing the national debt. They would have to submit a balanced budget to the President to sign. 49 states have some form of balanced budget requirement. Let's make the federal government abide by the same spending rules.
Line Item Veto - Most of our nation's Governors have this power. It is time that the President has the same authority to oversee the federal budget by passing a Constitutional Amendment.
Limit government spending to rate of inflation -This past April our deficit quadrupled from April 2009. The federal government has now posted 19 consecutive months of budget deficits which is the longest string of shortfalls on record. In order to stop deficit spending the federal government must cap spending to the rate of inflation so that our government lives within its means just as families and businesses do.
Hiring freeze for all non-essential employees – Congress should be encouraging job creation in the private sector not within in government. Adding 16,000 to the IRS for administrating Obamacare will not help grow our economy.
Pay off debt - $32, 216 is the amount that the National Debt Clock estimates our federal debt is per person. It is $118,000 per taxpayer. Our government is adding $3.79 billion per day to our nation’s debt. One of the largest expenditures the federal government makes is the interest payment on the debt. This year it is estimated that we will expend $224 billion on interest alone.
No new entitlements - This year the President passed Obamacare, another new entitlement program, which is now estimated to cost $1 trillion. Until our nation pays down the national debt, there should be a moratorium on creating new entitlements.
Establish a Sunset Committee - This committee will scrutinize federal programs to determine if they are necessary and where they can be cut. This committee will investigate duplication of services and to make sure programs are still necessary. It will allow for greater accountability of tax dollars. On Capitol Hill, we have hundreds of committees devoted to spending our tax dollars. We need at least one committee looking for ways to cut spending.
End off-budget expenditures - Receipts and disbursement for the Social Security Trust Funds and accounting for Fannie Mae and Freddie Mac should be included in the federal budget, so our nation’s entire financial expenditures are known.
No more bailouts - Over the past 2 years the federal government has bailed out Bear Stearns ($29.5B), Bank of America ($97B), AIG ($112B), GE ($139B), Citigroup ($235B), Automakers ($97B), homeowners ($300B), and Fannie/Freddie ($400B). It is time to end the idea that something is too big to fail.
Take back unspent TARP funds - Congress allocated $700 billion in 2008. Funds went to hundreds of banks, a few insurers and U.S. automakers. Some smaller firms have started paying back the loaned money. However, all of the funds have not been used. Over the past 18 months, there have been numerous suggestions on taking the leftover funds and spending them elsewhere. If the money is not recalled it will be spent.
End Anonymous Earmarks - Last year Congress spent $14 billion on earmarks with no sponsors for 302 programs.
Repeal Obamacare - As we have seen here in Massachusetts, a government health care mandate program has become a huge budget buster for the state requiring federal financial assistance. Right now the new federal plan is estimated to cost between $800 billion and $1 trillion.
Reform Fannie Mae and Freddie Mac - Failure to reform these organizations helped cause the financial meltdown. It has been 19 months and still no reforms.
One Year Pay Raise Freeze - Private sector employees are being laid off or being asked to take a pay cut to keep their jobs. Federal employees should not be exempt. By freezing pay for one year, we could save $2 billion.
Option to pay more - Our Massachusetts tax forms allow taxpayers to pay a higher percentage of their income if they choose. Congress should allow it at the federal level with all the funds being used only to pay down the national debt.
Privatize Amtrak - Every ticket sold loses money. Privatizing Amtrak would save $1 billion annually.
Reduce number of federally owned vacant property - $25 billion is spent each year to maintain federal properties that are not being used.
Reduce farm subsidies - Congress needs to stop giving subsidies to commercial farms that are making a profit.
Cut the Congressional franking privilege in half - People email nowadays. In fact, 80% of adults regularly use the internet. There is no need to increase this expenditure when email is free. Cutting these funds is long overdue.
"Unfortunately our Congressman has dropped the ball. He has never and will never be a fiscal watchdog for the taxpayers of this district. McGovern has a lifetime rating of voting only 7% of the time against wasteful government spending according to Citizens Against Government Waste,” said Lamb. “As a small business owner who has had to watch the bottom line every day, I know that I can be part of the solution for balancing the budget and lowering our national debt."
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