Posted by Rory Cooper on December 20, 2012
Majority Leader Eric Cantor has introduced legislation that replaces the sequester for one year with responsible spending cuts that protect our national security, and provides an additional $200 billion in savings over ten years.
UPDATE: The Spending Reduction Act has passed the House in a 215-209-1 vote. Click here to see how your Representative voted.
The Spending Reduction Act (H.R. 6684) will:
- Stop Fraud, by Ensuring that Individuals are Actually Eligible for the Taxpayer Benefits They Receive;
- Eliminate Government Slush Funds and Stop Bailouts;
- Control Runaway, Unchecked Spending;
- Restrain Spending on Government Bureaucracies; and
- Reduce Waste and Duplicative Programs.
The savings from these reforms will replace the arbitrary discretionary sequester cuts and lay the groundwork for further efforts to avert the spending-driven economic crisis before us.
When previously scored, the net deficit reduction from the proposals contained in the Spending Reduction Act was $237.8 billion (gross savings of $310.0 less the cost of partially replacing the sequester of $72.2 billion (FY 13-22). This assumed an October 1, 2012 enactment date and thus the score will have to be updated to reflect the delayed enactment.
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