Rand Paul Asked Senators To Balance the Budget. Only 28 Agreed.
As he pitched his Senate colleagues on a plan to balance the federal budget in 2018, Sen. Rand Paul (R–Ky.) warned that rising inflation would be one of the consequences of a failure to bring deficit spending under control.
At the time, Paul was pushing a bill that would have required a spending cut equal to one penny out of every dollar in the federal budget. The so-called “Penny Plan” would have balanced the federal budget by 2023, Paul claimed at the time, without requiring serious cuts to any specific programs. Paul exerted senatorial privilege to force a vote on the package; it failed 21–76.
That was before the federal government borrowed trillions of dollars in the name of combatting the COVID-19 pandemic. It was before President Joe Biden’s $1 trillion infrastructure package. It was before four more years of bulging federal budgets authorized by a Congress that’s increasingly blithe about borrowing.
With inflation now running seemingly out of control and trillion-dollar deficits being the new norm in Washington, Paul was back on the Senate floor Wednesday to offer another bill to balance the budget in five years. This time around, however, it would require cutting six cents for every budgetary dollar.
The proposal failed, 29–67.
“Washington’s addiction to spending is hurting our economy and depleting our currency. Inflation is stealing every American’s purchasing power and financial security,” Paul said in a statement after the vote. “All this plan does is return to 2019 spending levels. If the federal government spent at 2019 levels this year, we would have a $388 billion surplus.”
Indeed, about the only thing that’s
Article from Reason.com