Following
the Congressional Republicans' extension of Barack Obama's authority to
add to the National Debt until the end of this fiscal year, the GOP
should offer President Obama and the Pelosi-Reid Democrats a novel
"Grand Bargain." It is a plan which strongly supports the goal of a balanced budget in ten years now proposed by House Budget Committee Chairman Paul Ryan - but differs slightly in the year-by-year tactics for achieving that goal.
Rather than trying to limit the debt irregularly and by arbitrary amounts, or limiting spending in ways tied to the Gross Domestic Product, this "back-up companion" to either the Ryan proposal or the Senate Democrats' proposal, or any other formula, would (a) set a strict limit on FY '14 borrowing and then (b) ratchet down by either $100 or $50 billion per year the amount that can then be borrowed to zero in 10 years, and with balanced budgets thereafter.
Rather than trying to limit the debt irregularly and by arbitrary amounts, or limiting spending in ways tied to the Gross Domestic Product, this "back-up companion" to either the Ryan proposal or the Senate Democrats' proposal, or any other formula, would (a) set a strict limit on FY '14 borrowing and then (b) ratchet down by either $100 or $50 billion per year the amount that can then be borrowed to zero in 10 years, and with balanced budgets thereafter.
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