Quantcast

New GOP Proposal Will Balance Federal Budget in 7 Years

The nation's debt hit an all-time high of $30 trillion in February and continues to climb rapidly...

(Chris Parker, Headline USA) House Republicans have devised a proposal that should balance the federal budget in seven years, with the ambitiously-named “Blueprint to Save America” calling for a series of spending cuts, tax reforms and deregulation to help spur tax revenue through economic growth.

The House Republican Study Committee drafted the proposal to help reduce the nation’s massive federal deficit, reported Just the News.┬áThe budget is also designed to save medicare and make social security solvent. Additionally, it includes provisions to maintain healthcare that is both personalized and affordable.

Some of the cuts will end funding for programs that are traditionally strongly supported by leftists. This includes eliminating federal funding for the National Endowment for the Arts and Humanities, Diesel Emissions Reduction Act Grants, and the D.C. Opera House, among others.

It also calls for more restrictions on Pell Grants and migration-assistance funding.

...article continued below
- Advertisement -

Not all of its provisions call for a decrease in spending. The proposal does include a fully-funded border wall to help reduce the costs associated with illegal immigration.

The federal deficit and debt have been hot topics in recent years. The nation’s debt hit an all-time high of $30 trillion in February and continues to climb rapidly. That increase followed massive borrowing and spending in response to COVID-19. The deficit also loomed around $2.8 trillion at the start of the year.

It would currently cost each American citizen $90,000 to pay off the nation’s debt. Or, each household could pay $1,000 per month for the next 19 years. The federal government’s current trajectory only points to more significant increases.

Economists have been warning Americans about the growing national debt for some time. They are increasingly concerned about the long-term effects on the economy and the ongoing budget. They also consistently agree that it’s currently unsustainable.

...article continued below
- Advertisement -

But it’s not just economists; most American voters are also concerned about the growing national debt. Polls consistently show that Americans believe it’s an important issue and that growing deficits are problematic for the nation.

Copyright 2022. No part of this site may be reproduced in whole or in part in any manner without the permission of the copyright owner. To inquire about licensing content, use the contact form at https://headlineusa.com/advertising.
- Advertisement -
- Advertisement -
- Advertisement -

TRENDING NOW

- Advertisement -
- Advertisement -

- Advertisement -