As I type, the "Boehner Plan" for increasing the debt ceiling seems to be gaining momentum. The hope is to get enough GOP Congresscritters to hold their noses and accept it as the "best available option."
Chris Edwards points out that for all the weeping, wailing, and gnashing of teeth, Boehner's plan doesn't cut spending.
The "cuts" in the Boehner plan are only cuts from the CBO baseline, which is an imaginary path of future spending designed as a planning tool for Congress. Boehner can propose to spend any amount in any future year he wants, and in this plan he choose to have a steadily rising spending path.See also Peter Suderman on the gimmickry in the Boehner plan. It may be the best that can be obtained. It's not good enough.
Some better schemes:
Oklahoma Senator Tom Coburn's proposal
to "reduce the deficit by $9 trillion over the next ten years and
balance the federal budget." Lots of details about what to get rid of.
The folks behind the One Cent Solution describe
their plan with intriguing simplicity:
The One Cent Solution gradually reduces total government spending (excluding interest payments) by making cuts equal to one cent of every dollar each year for six years. It also caps overall spending at 18% of GDP beginning in 2018 and beyond. This simple solution balances the budget by 2019, reduces federal spending by $7.5 trillion over 10 years and restores America's financial future.It's harder than it sounds—unlike Boehner, these guys advocate real cuts from current levels. But it gets us where we need to go.
I also liked the 19
Percent Solution offered by Nick Gillespie and Veronique de Rugy
in Reason a few months back. This is another
small-but-real-cuts every year approach.