Rand Paul’s ‘conservative alternative’ would bring some fiscal responsibility to the government
Christopher Tremoglie
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As House Democrats and Republicans reached an agreement on the Fiscal Responsibility Act, fiscal hawk Sen. Rand Paul (R-KY) suggested a “conservative alternative” to the debt deal. Paul’s proposal, known as the “Five Penny Plan of 2023,” would bring “responsible reforms and necessary cuts” to government spending.
“Sixty percent of Americans say Congress should only raise the nation’s debt ceiling if it cuts spending at the same time. I would guess the Americans answering that poll meant real cuts in spending, not an annual increase of 1% above already bloated levels of COVID-19 spending,” Paul said in a press release. “Bold actions must be taken to defeat our mounting national debt, and my conservative alternative to the Biden-McCarthy deal gives us a real opportunity to get our fiscal house in order.”
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Several vital parts of Paul’s plan demonstrate a commitment to rein in government spending and promote fiscal accountability. Most importantly, none of Paul’s proposed cuts would involve Social Security.
The Five Penny Plan of 2023 would swap the two-year suspension of the debt ceiling included in the House bill with a $500 billion increase. Also, the plan would replace limits on discretionary spending with “caps on total on-budget spending,” according to a press release.
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Paul’s proposal would also reduce spending by $303 billion in the first year and trigger “automatic cuts through sequester if the government continues to spend at excessive levels.” Given the government’s reckless spending in recent years, this is a vital aspect of Paul’s proposal. Moreover, the Five Penny Plan of 2023 would limit “total on-budget outlays that decrease by 5% each year.” And these caps would be enforceable by sequester, according to the press release.
The government’s spending has reached record levels that threaten the country’s sustainability in the future. Politicians have passed the buck for their excessive spending on future generations for far too long. The Five Penny Plan of 2023 is a start to correcting the bad choices of the past. It brings a conservative mindset to spending and helps repair the financial sins of our elected leaders to ensure future generations do not pay the price.