A bill has been introduced in Congress that would put in place a rigid spending cap. The cap would dramatically reduce Social Security, Medicare and every other federally funded program.
WASHINGTON (AP) — Social Security, Medicare and virtually every other federal program would face the budget ax under legislation unveiled Tuesday aimed at forcing Congress to dramatically cut spending over the coming decade.
The bill, co-sponsored by Sens. Claire McCaskill, D-Mo., and Bob Corker, R-Tenn., would phase in a federal spending cap of just more than 20 percent of the size of the economy, which they said would wring almost $8 trillion from the budget over the coming 10 years.
Cuts of that magnitude would have to fall heavily on Social Security and Medicare, the retirement programs whose costs are being driven sky-high by the retirement of the baby boom generation.
The legislation doesn’t actually propose cuts but instead sets spending caps and enforces them with the threat of automatic, across-the-board reductions. The idea is that the threat of such a meat-ax approach would force lawmakers to make more thoughtful cuts.
Corker said the… continue reading
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