It’s time to clean budgetary house. For the last several months, both the House and Senate have been consumed in a messy healthcare debate and amidst it all, spending like wildcats and delaying the normal budget process.
When the schedule gets pushed back—especially in an election year—the result can be a disastrous hodgepodge of bills that load up on spending, instead of trimming the fat. On top of the annual appropriations spending, Congress has committed to respond to the sluggish economy with more jobs-oriented spending and tax legislation.
Even though recent restrictions will mean fewer earmarks (at least in the House), making headway on all 12 individual spending bills, rather than slopping them all together in one spending mess, is a tall order. With the dust beginning to settle on healthcare, Congress has to start scrubbing the budget.
To help get this cleaning party started, we’ve pulled out some of our favorite budget cuts and needed policy reforms. Many we’ve been suggesting year after year, but they continue to rear their ugly heads.
Change the Oil
Repealing several long-standing oil and gas subsidies would save nearly $40 billion over the next ten years. In addition, fixing budget sweeteners for the oil and gas industries will save over $100 billion.
Take Energy Subsidies to the Cleaners
Axing just four tax breaks for the so-called “clean” coal industry would save taxpayers $2.28 billion. Congress must also stay away from tax cuts for coal-to-liquids and ethanol.
Shovel Out the Manure
Cutting crop insurance subsidies would save $8 billion in payments to insurance companies from 2011-2020 and reducing direct payment for wealthy farmers could save taxpayers nearly $2.3 billion by 2020.
Watch Out for Nuclear Waste
The National Nuclear Security Administration got a 14 percent budget boost and nuclear facilities received a 25 percent increase though many projects have no completed design plans or cost estimates. At least $100 million could be trimmed in facilities alone.
Lemon Law for Fighting Vehicle
Defense watchers have called for the Marine Corps’ Expeditionary Fighting Vehicle to get cut for years, but the FY2011 budget barely trims its $14 billion price tag. The vehicle breaks down repeatedly, gets derailed by roadside bombs and has nearly doubled in price.
The dog days of summer are approaching, Congress needs to get cracking and take on some of this low-hanging fiscal fruit. Then come fall, the appointed debt commission, the National Commission on Fiscal Responsibility and Reform, is supposed to report back with major reforms to entitlement, tax and spending programs. That will require Congress and the Administration to take the next step to start moving the country toward fiscal sanity.
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