Staff Reports
On Tuesday, United States Senator Rand Paul (R-KY) unveiled his “conservative alternative” to the recently reached deal to avoid defaulting on the nation’s debt. His plan, set to be offered as an amendment to the “Fiscal Responsibility Act,” would replace existing language with responsible reforms and necessary cuts. The Kentucky Republican aims to put forward real cuts in spending, not an annual increase of one percent above the already bloated levels of COVID-19 spending.
Sen. Paul pointed out that 60 percent of Americans say Congress should only raise the nation’s debt ceiling if it cuts spending simultaneously. This shows a desire among the American people for fiscal responsibility. According to Rand Paul, “Bold actions must be taken to defeat our mounting national debt, and my conservative alternative to the Biden-McCarthy deal gives us a real opportunity to get our fiscal house in order.”
The amendment removes and replaces existing language in the Fiscal Responsibility Act to impose a $500 billion hike instead of a blanket 2-year suspension on the debt ceiling. This forces Congress to start finding solutions to the cascading debt issue highlighted by the debt ceiling. In addition, it replaces the caps on discretionary spending with caps on total spending, which would result in an automatic $545 billion cut in the two-year period if the government continues to spend at current rates. If the government adheres to these caps for five years, by FY28 the federal government would have the first balanced budget since 2001.
Furthermore, the “conservative alternative” to the debt deal creates a mandate that federal outlays’ growth may never exceed the growth in revenue from the previous fiscal year. After Rand Paul digested the contents of the bill text, he concluded conservatives “have been sold out once again.” This is especially true as a growing number of lawmakers from both chambers of Congress have expressed their opposition to the legislation as it’s written based solely on the agreement between Biden and Congress.
Fake conservatives agree to fake spending cuts. Deal will increase mandatory spending ~5%, increase military spending ~3%, and maintain current non-military discretionary spending at post-COVID levels. No real cuts to see here.
Conservatives have been sold out once again!
— Rand Paul (@RandPaul) May 28, 2023
Sen. Paul’s “conservative alternative” to the deal recently reached to raise the debt ceiling and avoid a default on the nation’s debt offers a responsible approach to deal with the mounting national debt. It gives Americans the real cuts in spending they’ve been demanding and puts us on track to have the first balanced budget since 2001. With the Fiscal Responsibility Act set to be brought to the floor for consideration, it’s essential to support this bill’s amendments to ensure fiscal responsibility and a healthier economic future for our country.
Source: Townhall
