Stop Over-Spending (S.O.S.) Act

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FY 2009 Budget

Budget & Fiscal Responsibility

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Listen to Mike on fiscal responsibility and the S.O.S. bill

Spending in Washington is spiraling out of control, and it is clear that significant budget reform is necessary.  As a member of the Senate Budget Committee, I joined several of my colleagues, including Senate Budget Committee Ranking Member Judd Gregg, in introducing the Stop Over-Spending (S.O.S.) Act.  This legislation provides a strong blueprint to achieve and maintain a balanced federal budget.  Read News Release on the S.O.S. Act.

We simply cannot afford to wait any longer to address excessive federal spending and ensure that the federal tax money of hardworking Americans is used appropriately. If we continue down this path of unchecked entitlement costs and wasteful spending, future generations will pay the price, and our economy will suffer.

Among its provisions, the S.O.S. Act would create discretionary caps and curb exploding entitlement costs. One of the key provisions of the bill would create a bipartisan commission to explore programs such as Social Security, Medicare and Medicaid, a critical step toward reforming these systems. Already, the taxpayer is feeling the strain of our rapidly growing entitlement programs. Over the next 10 years, the growth in mandatory spending programs will accelerate and, by 2016, will amount to 70 percent of total government spending.

We must address these problems now, in this Congress, and not put it off to future generations.

Specifically, S.O.S.:

• Reinstates statutory caps on discretionary spending for FY 2008-2010.
• Reduces deficit as percentage of GDP through Automatic Reconciliation Mechanism, achieving a balanced budget by 2012.
• Allows Congress a Second Look at Wasteful Spending via expedited rescission process to quickly and effectively eliminate wasteful spending.
• Creates a new Medicare trigger in law.
• Creates bipartisan Commission on Accountability and Review of Federal Agencies.
• Creates bipartisan Commission on Social Security, Medicare and Medicaid Solvency.
• Includes biennial budgeting.
• Reforms and improves budget resolution and reconciliation processes.

Economic Charts and Materials

• Charts and graphs covering the current economic climate and key elements of the S.O.S. Act.
• SOS Overview (PDF file)
• SOS Provisions (PDF file)
• SOS Bipartisan Entitlement Commission (PDF file)
• SOS Deficit Reduction Mechanism (PDF file)
• SOS Discretionary Caps (PDF file)
• SOS Second Look at Wasteful Spending (PDF file)

 

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