Today, Sens. Rand Paul, Jim DeMint (R-S.C.) and Mike Lee (R-Utah) introduced a plan to give the Joint Select Committee on Deficit Reduction a chance to do what bipartisan coalitions of Senators have stated they want done: "Go big" with $4 trillion in deficit reduction.
The plan intends to close loopholes and eliminate subsidies and entitlement benefits for millionaires and billionaires. It includes true tax reform, so no person or corporation gets away with paying zero taxes. It also includes real, sustainable spending cuts totaling more than $6 trillion over 10 years from current baselines.
The list of cuts proposed today includes items such as capping welfare programs, eliminating duplicative programs, and cutting back from the excessive spending spree of the past three years. There are cuts to entitlements, cuts to security, and cuts to the arts. The cuts are spread across the broad spectrum of federal intrusion into our lives and wallets, and everyone bears some share of the costs.
The Supercommittee and Members of Congress need not agree on all $6 trillion. They need to only agree on any $4 trillion to go "big." And if they fail at that, they only need to agree to 25 percent of these cuts to meet their goal of cutting $1.5 trillion.
So, while many here in Washington continue to say that cuts of $1.5 trillion are simply not possible, Sens. Paul, DeMint and Lee have shown today that not only are they possible, but actually quite simple. "Presented here is four times the deficit reduction needed to meet their goals," Sen. Paul said. "But we urge them not to simply meet this goal that the markets have already deemed inadequate. We urge them to go big and to urge at least $4 trillion dollars in deficit reduction as part of any debt deal."
"This is a perilous time for America, and we need serious, immediate action to save our nation from fiscal ruin. We have over $15 trillion in debt, an amount larger than our entire economy. While the supercommittee wastes time arguing how much more to take from American families and business in new taxes to pay for more spending, we're offering real spending cuts," Sen. DeMint said. "If we simply cut obvious waste, eliminate low-priority spending, and implement commonsense reforms, then we can stop over $5 trillion in unnecessary spending."