Congress “Cutting the National Credit Card”
January 05, 2007
Two days into their majority role, the Democratic-led House is pushing legislation that would help to prohibit the escalation of the U.S. national debt that is currently a little over $8.6 trillion.
The new rules would require both tax cuts and increases in entitlement programs to be offset by cuts in government spending elsewhere (also referred to as PAYGO) effectively ending one-sided spending programs and maintaining fiscal responsibility by the federal government, and to reform the “earmarks” process by disclosing the lawmaker requesting the funds for state or local projects.
The changes, championed by “Blue Dog” Democrats, are receiving bipartisan support to help get the country out of the red and to ensure that taxpayer funds are spent wisely and in a transparent manner.Proposed legislation also works to end the process of excluding the minority party from negotiations on bills being sent to the president for approval, an issue that blocked the minority party from having a say in the final language of soon-to-be laws.