» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 126 | NO. 22 | Wednesday, February 02, 2011

Senators Propose Rigid Spending Cap

ANDREW TAYLOR | Associated Press

Print | Front Page | Email this story | Comments ()

WASHINGTON (AP) – Social Security, Medicare and virtually every other federal program would face the budget ax under legislation unveiled in the Senate that seeks to force Congress to cut spending dramatically over the coming decade.

The bill, co-sponsored by Missouri Democrat Claire McCaskill and Tennessee Republican Bob Corker, would phase in a federal spending cap of slightly more than 20 percent of the size of the economy. McCaskill and Corker say that would wring almost $8 trillion from the budget over the coming 10 years.

The legislation doesn't actually propose cuts but instead sets spending caps and enforces them with the threat of automatic, across-the-board spending cuts. The idea is that the threat of such a meat-ax approach would force lawmakers to make more thoughtful cuts.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 137 4,903
MORTGAGES 88 226 6,452
FORECLOSURE NOTICES 6 25 1,504
BUILDING PERMITS 170 318 11,577
BANKRUPTCIES 65 119 5,078
BUSINESS LICENSES 27 46 1,982
UTILITY CONNECTIONS 84 227 6,693
MARRIAGE LICENSES 15 44 1,385

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.