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VOL. 126 | NO. 22 | Wednesday, February 02, 2011

Senators Propose Rigid Spending Cap

ANDREW TAYLOR | Associated Press

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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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 68 68 11,188
MORTGAGES 74 74 13,977
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 146 146 24,180
BANKRUPTCIES 77 77 8,509
BUSINESS LICENSES 23 23 3,794
UTILITY CONNECTIONS 137 137 13,594
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