Friday, November 18, 2011
AP Raw Video: House Rejects Balanced Budget Amendment: Now can we get serious
With the vote in the House of Representatives of 261 votes for the House Republican Balance Budget Amendment. At least the House Republican Leadership knows how many seats they have to pick up in the 2012 General Elections. They need twenty nine more votes to pass a BBA, probably won't get them for the next Congress. They probably have a better chance of losing twenty nine seats in 2012 then gaining them. But maybe they'll get the message, not counting on it that its time to get serious about Deficit Reduction. This year pass a plan that can move the Federal Budget towards balance in 5-10 years. Before a Balance Budget Amendment could be added to the US Constitution, not expecting that either. Even if the Select Joint Committee comes up with something later this month and they are running out of time. But what I'm getting at is what House Republicans want to accomplish a Balance Budget, can be done by statue meaning law. They don't have to spend ten years trying to pass something that may or may not pass something that can be done over a couple of months. Or with how this Congress is so partisan and divided, something they can try to pass in the next Congress. If republicans were to hold the House, take the Senate and White House. So what House Republicans are trying to do right now is partly for show, to tell their constituents that they support them. But also see where the votes are on a BBA and how far they need to go to pass a BBA out of the House and send it to the Senate.
To Balance the Budget we first have to get the Federal Debt and Deficit down to an affordable level, 3-5% of GDP. And to do that everyone who's serious and understands this issue. Knows how to do this, stop borrowing, meaning establishing a real Pay As You Go Fiscal Policy. Even for Disaster Relief and put everything on budget, including the wars, as well as ending those wars. Reducing our Defense Budget, closing our Foreign Bases that are in Developed Nations. Europe, Arabia and Asia. Reforming our Entitlement Programs and turning them more into Welfare Insurance Programs designed for the people who actually need them. Tax Reform eliminating most if not all loopholes especially Corporate Welfare and lower Tax Rates in the short term. But I would scrap the Income Tax all together and move to what I call a Progressive Income Tax. Which would make our Tax Code very simple and easy to understand and would benefit our economy. These are the things that we need to do to get the debt and deficit under control. And the problem is the Congress and the country right now the political scene. We are still very divided as a country and a lot of the problems that we have to deal with. We made need an election to decide them, for one party to have enough power to get the job done.
The Balance Budget Amendment debate is not a complete waste of time, its positive in the sense. That just having the debate focus's Congress and the country on the fiscal challenges that we face as a country. And what we need to look at and consider to take on these challenges. But a Balance Budget Amendment does nothing today to bring down our debt and deficit under control. And eventually Balance the Federal Budget something the Federal Government doesn't have a good record at. Because passing a BBA completely is at least ten years down the road. And does nothing to Balance the Federal Budget today or tomorrow or in the short term.