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http://washingtonexaminer.com/fiscal-cliff-deal-needs-spending-cuts/article/2515052#.UL-OPZPjn5F
Separately, the Republican Study Committee, headed by Chairman Jim Jordan, R-Ohio, has put forward detailed plans that would cut spending further than in the House budget and balance the budget in five years without raising taxes. These proposals deserve serious consideration. The proposed RSC budget sets discretionary spending at $931 billion in fiscal year 2013, slightly less than the amount in the fiscal 2008 budget, $933 billion.
To get there, the RSC budget eliminates funding for several programs whose functions need not be provided by government, such as the Corporation for Public Broadcasting (savings: $4 billion over 10 years), the National Endowment for the Arts ($2 billion saved), and the Economic Development Administration and the Legal Services Corp. ($4 billion saved). The National Labor Relations Board would be merged into the Department of Justice.
The RSC budget contains lists of agriculture subsidies that are ripe for elimination, adding up to $55 billion over 10 years. It proposes privatizing Fannie Mae and Freddie Mac (savings: $43 billion) and ends the concept of too big to fail (savings: $32 billion). It suggests raising federal employees' pension contributions to private-sector levels.
Most importantly, the RSC tackles entitlement programs. Costs of Social Security and Medicare increase with people's life expectancies, and changes have to be made to keep the programs solvent. For those 55 and younger, the RSC proposes to gradually raise the Social Security retirement age to 70 and the Medicare eligibility age to 67.
Both the House budget and the RSC suggest transforming Medicare beginning in 2023 into a premium support program, with competing plans, like the Federal Employees Health Benefits Program. Seniors would choose from government-approved insurance programs, and wealthier seniors would pay more for coverage.
Separately, the Republican Study Committee, headed by Chairman Jim Jordan, R-Ohio, has put forward detailed plans that would cut spending further than in the House budget and balance the budget in five years without raising taxes. These proposals deserve serious consideration. The proposed RSC budget sets discretionary spending at $931 billion in fiscal year 2013, slightly less than the amount in the fiscal 2008 budget, $933 billion.
To get there, the RSC budget eliminates funding for several programs whose functions need not be provided by government, such as the Corporation for Public Broadcasting (savings: $4 billion over 10 years), the National Endowment for the Arts ($2 billion saved), and the Economic Development Administration and the Legal Services Corp. ($4 billion saved). The National Labor Relations Board would be merged into the Department of Justice.
The RSC budget contains lists of agriculture subsidies that are ripe for elimination, adding up to $55 billion over 10 years. It proposes privatizing Fannie Mae and Freddie Mac (savings: $43 billion) and ends the concept of too big to fail (savings: $32 billion). It suggests raising federal employees' pension contributions to private-sector levels.
Most importantly, the RSC tackles entitlement programs. Costs of Social Security and Medicare increase with people's life expectancies, and changes have to be made to keep the programs solvent. For those 55 and younger, the RSC proposes to gradually raise the Social Security retirement age to 70 and the Medicare eligibility age to 67.
Both the House budget and the RSC suggest transforming Medicare beginning in 2023 into a premium support program, with competing plans, like the Federal Employees Health Benefits Program. Seniors would choose from government-approved insurance programs, and wealthier seniors would pay more for coverage.
