Common Sense Budget Reforms is the Next Step to Reigning in Federal Spending
WASHINGTON, D.C. – The nation’s leading taxpayer advocacy organization, Americans for Tax Reform (ATR), today endorsed the Family Budget Protection Act, introduced by Reps. Hensarling, Ryan, Chocola, and Cox. With federal spending continuing to increase above the growth rate of the economy, this timely legislation seeks to reform the budget process itself and limit the growth of entitlement and discretionary spending.
“Taxpayers have achieved great victories over the past four years with four tax cuts in as many years,” said Grover Norquist, president of Americans for Tax Reform. “Now that taxpayers are receiving an annual tax cut, the next challenge is to finally reign in government spending. The Family Budget Protection Act is the way to begin this process.”
The Family Budget Protection Act limits the growth of entitlement spending to rate of inflation and population growth while limiting discretionary spending growth to the rate of inflation. Both the entitlement and discretionary spending restrictions will be protected by a point of order and enforced with an across the board sequester if it is breached. Moreover, the legislation creates “Budget Protection Accounts” which seeks to redirect spending from the Appropriations process to further tax reduction.
In addition to limiting new government spending, the legislation creates one simple, legally binding budget; combats waste fraud, and abuse; and provides for more transparent accounting. Taken together, all the reforms will work to keep the growth of federal spending below the rate of the economic expansion and reduce the size of government.
“Members of Congress have voted for tax cuts and for new spending over the past four years,” continued Norquist. “This has gone on for too long. The real test of these members’ commitment to taxpayers is whether or not they support the Family Budget Protection Act. Members must stand up for taxpayers and work to implement these common sense reforms.”