The Republican Study Committee Budget on the Key Drivers of Spending and Debt

Romina BocciaThe House and Senate both have budget committees. And yet, neither chamber has released a  budget this year. Against this backdrop, it’s refreshing to see the Republican Study Committee (RSC) continue its nearly 30‐​year tradition of producing an alternative conservative budget proposal. Titled “Protecting America ’s Economic Security, ” the RSC under chairman Kevin Hern (R‑OK) and Budget and Spending Task Force chairman Ben Cline (R‑VA) proposes to balance the federal budget, cut taxes, slash red tape, and boost work.The growth in the federal debt is directly tied to increases in spending for entitlement programs and interest on the debt.Major entitlement programs, namely federal health care and Social Security, combined with interest on the debt will be responsible for 82 percent of projected spending growth over the next 10  years. Congress will also be confronted with two major deadlines within the 10‐​year budget window, the period Congress considers when developing budget proposals. BothSocial Security ’s and Medicare’s trust funds, accounting mechanisms that authorize Treasury to borrow funds to pay benefits that exceed incoming payroll tax revenues, are projected to be depleted before the end of this decade.Here ’s how the RSC budget proposes to address the main drivers of federal spending and debt growth:Modest Social Security Reforms.The RSC budget emphasizes that Social Security reform will require bipartisan support and hig...

Source: Cato-at-liberty - June 16, 2023 Category: American Health Authors: Romina Boccia Source Type: blogs