The newly elected congressional Republicans and especially the House majority were swept
into office in good part on their promise to curb runaway Washington spending and cut the
federal deficit.
From Indiana, Senator-elect Dan Coats and 8th District Representative-elect Larry Bucshon
— really, all Republicans elected from the Tri-State — were among those who called for
cutting the deficit.
They'll soon get the chance to prove whether they're serious.
Actually, the Republicans in the current Congress will have an early crack at the deficit
when it comes time to extend the Bush tax cuts that are set to expire at midnight New
Year's Eve.
Extending all of the cuts permanently will add $4 trillion to the deficit over 10 years.
Extending them for all but taxpayers earning over $200,000 singly or $250,000 jointly, as
the Obama administration is proposing, would add $3.2 trillion. So what's it going to be?
There can be no credible deficit reduction without addressing the revenue side of the
equation.
On or around Dec. 1, the bipartisan deficit reduction commission is expected to submit its
recommendations. The commission needs the assent of 14 of its 18 members to act, so it's
unlikely the recommendations will be bold and daring. The report and recommendations will
arrive too late for this Congress to act on them, but they'll be waiting for the new
Congress in January.
Despite all their campaign talk about cutting spending, the Republicans were maddeningly
evasive about precisely what they would cut. Sparing nondiscretionary spending — Social
Security, Medicare — and defense, as they say they would, there's not enough left for
meaningful deficit reduction. Some in the GOP advocate a $100 billion cut in what remains,
but the burden would fall disproportionately on popular programs like, for example, the
national parks and the National Institutes of Health.
In February, President Barack Obama submits his proposed budget. Soon after, the majority
House Republicans will have to come up with their own, laying out in black and white
exactly which programs they'll slash or abolish.
Earmarks fund lawmakers' pet projects. While not great contributors to the deficit, the
earmarks are symbolic of lawmakers' casual attitude toward spending. The new Republicans —
the Tea Party-backed candidates especially — have pledged to eliminate them.
Tea Party favorite Sen. Jim DeMint, R-S.C., felt it necessary to issue this warning the
morning after the election: "First, don't request earmarks ... You will lose the ability to
criticize wasteful spending." Clearly he's worried that the newcomers will be seduced by
their new power to do favors for the folks back home.
Another major test will come when it's time to raise the debt limit, the amount the
government can legally borrow. It was last raised in February from $12.4 trillion to $14.3
trillion. Early next year,[url=http://www.guccihandbagsshow.com]fake gucci bags[/url] the
government will again bump against the limit. Raising the limit gives the minority party an
opportunity to beat up on the majority for its free-spending ways. But when push comes to
shove, they always go along.
Coats is a former U.S. senator who won a return trip in Tuesday's election.
He's now renting a home in Indianapolis and says he and his wife plan to buy a home in the
area. He says that won't happen until they sell their second home in North Carolina.
Coats is also organizing his state offices and says he wants to help Hoosiers with
constituent services and listen to their concerns.
He says he doesn't yet know what Senate committees he'll be on, but hopes for spots on
panels handling finance and foreign affairs.
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