Government Spending
As many Federal departments and agencies lurch into an era of running without funds, the leaders of both parties of Congress are spending less and less time searching for a compromise to balance the budget, and more and more time deciding how to use it to their advantage on the campaign trail. Meanwhile money is easily borrowed to pay for government overhead. In an attempt to change this, on June 29, Congress voted in favor of HConRes67 that called for a 7 year plan to balance the Federal Budget by the year 2002 (Hager 1899). This would be done by incorporating $894 billion in spending cuts by 2002, with a projected 7 year tax cut of $245 billion. If this plan were implemented, in the year 2002, the U.S. Government would have the There is doubt by citizens that a balanced budget will become reality. A recent Gallop Poll from January, 1996 showed the budget as the #1 concern among taxpayers, but 4/5 of those interviewed said they doubt the GOP will do the job (Holding 14). Meanwhile, an ABC poll from November reported that over 70% of those polled disapprove of the current performance by Congress, and
If that's not enough to scare a taxpayer, by 2002, 60% of government spending will be for entitlements, and by 2012, these programs are projected to take up all government revenue (Dentzer 32). In addition, he wanted to close loopholes presented to corporate taxation, that would save an estimated $28 billion. After all, current budget plans are dependent on somewhat unrealistic predictions of avoiding such catastrophes as recession, national disasters, etc. History has shown that every budget agreement that has failed was too lax. "There is little or no change at all in this budget," said Pete Domenici (Senate Budget Committee Chairman), talking of Clinton's new budget. Some say it is impossible for every country to run either a surplus or a deficit. became the world's largest net creditor, and by 1970 it peaked by finally running into deficit in 1970. According to the Concord Coalition, real wages peaked in 1973 and have gone down ever since. 3 billion in labor cuts, $10 billion eliminated from public housing programs, and several other numerous disaster relief programs cut (Rubin 1222). This could easily be trimmed by eliminating tax cuts and adjusting the consumer price index to reality. This essentially brought the federal budget back to square one. This equals out to an individual responsibility of more than $50,000 per taxpayer. 5 billion in 7 years, small business by $7 billion, and cuts $3.
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Acceptance Essays
