There's an Update on Security for Biden's Gaza Port and a New 'Peacekeeping...
Biden Blows Off Respects for Murdered New York City Police Officer
New York City Councilwoman Gets Ratioed Into Oblivion Over One Question
Federal Court Makes Major Ruling on Ballot Verification in Pennsylvania
Sam Bankman-Fried Sentenced in Massive Crypto Fraud Case
‘No Tampons, No Peace!’: Panic at Vanderbilt University Sit-In As Protestors Realize It...
Charlotte Radio Host Speaks Out About His Interview With KJP That Made Headlines
Trump, Biden Will Both Be in New York on Thursday...but for Very Different...
Democrat Flips Republican District in Alabama Special Election. Here's What She Campaigned...
Flashback: Two Cycles After Running on Gore's Ticket, Lieberman Endorses McCain at GOP...
Here's When Impeachment Articles Against Mayorkas Will Be Presented to the Senate
Tennessee Music Venue to Host ‘Trans Day Of Vengeance’ Event One Year After...
There Was Very Little Pete Buttigieg Was Able to Tell Us About Bridge...
An Illegal Alien Encouraged Others to Invade American Homes. Here's What Happened Next.
Time for Another Bizarre, Easily-Disprovable Lie From Joe Biden
OPINION

US Debt Rises as Supercommittee Deadline Ticks Down

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
Advertisement
Advertisement
Advertisement

Back in August, during the debate over raising the debt ceiling, a record 82 percent of Americans disapproved of the way Congress was handling its job. Now, three months later, that all-time low dropped two more points to 84 percent as the debt supercommittee remains at an impasse over finding at least $1.2 trillion in deficit reductions before their Thanksgiving deadline.

Advertisement

The debt ceiling was raised, and yesterday the US debt topped the $15 trillion mark. Now the serious cuts need to be made—our government can’t continue spending itself more into an insurmountable debt.

The Democrats won’t budge on making cuts to entitlement programs, and Republicans understandably are against increasing taxes in a down economy—but the truth of the matter is that spending has to be cut, and most Americans don’t believe that Congress is up to the challenge.

Before November 23, Congress must do something; otherwise an automatic $1.2 trillion in spending cuts will go into effect for domestic programs and the Pentagon. Cuts to defense are something that we cannot risk with constant terrorist threats and cyber-warfare.

Instead, the supercommittee needs to address the nation’s Social Security program. As Lori Montgomery wrote in the Washington Post, “Social Security is sucking money out of the Treasury. This year, it will add a projected $46 billion to the nation’s budget problems, according to projections by system trustees.” Reworking Social Security is something that has to take place in the supercommmittee recommendations, otherwise benefit checks will not be coming to the rising tide of baby boomers.

Also, the committee needs to come to an agreed explanation to the question of “What exactly is a tax increase?” The committee will never find an agreement in the idea of increasing taxes on the rich in order to help fund entitlement programs. But I think it’s possible to recommend a gradual reduction of tax loopholes in order to increase revenue. This method would create roughly $300 billion in increased “tax revenues.”

Advertisement

Other areas of possible revenue could be rolling back on staffing levels for federal jobs to 2006 levels. This could be done by eliminating wasteful and duplicative programs. For example, U.S. Senator Tom Coburn, M.D. (R-OK) submitted an oversight report on The National Science Foundation and found them “spending $1 million for an analysis of how quickly parents respond to trendy baby names.” Coburn offers up one of many possible federal programs that could afford budget reduction or a permanent cut altogether.

The supercommittee has been encouraged to “go big” on the recommendations for cuts and their plans to find new revenue. But I think to most Americans and American business owners, they just want Congress to be decisive and make the necessary and proper recommendations before November 23. That way the country can be back on the path to reducing excess spending and regaining its AAA credit-rating.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos