President Obama and congressional leaders can’t seem to agree on any plan to avert a debt crisis. As the White House’s Aug. 2 deadline approaches, the House has adopted the Cut, Cap and Balance Act, while the Senate has floated a number of bad ideas.
Earlier this year, The Heritage Foundation formulated its own plan called Saving the American Dream to fix America’s debt problem. It keeps spending low without raising taxes. Entitlement programs are the biggest driver of debt, so reforming them first will put us on a course to a balanced budget. Additionally, simplifying the tax code will allow for economic growth.
The Heritage plan balances the federal budget in 10 years, cuts the national debt by more than 50% in 25 years, and restores prosperity for America. Perhaps its time for the White House to take a closer look.