Fiscal Task Force a Turkey | Chris Edwards | Cato Institute: Commentary

Fiscal Task Force a Turkey | Chris Edwards | Cato Institute: Commentary: "Spending has soared so high that 40 percent of this year's budget will be funded by borrowing."

"spending is expected to skyrocket from 21 percent of the economy in 2008 to at least 40 percent by 2050, or more if a new federal health plan is enacted."

"Under a cap, Congress could not increase total annual outlays by more than the growth in some economic variable such as personal income, perhaps averaged over five years. If it did, the administration would be required at the end of the year to determine the amount of the excess and cut programs across the board to meet the cap.

It's true that Congress could rewrite or suspend such a statutory cap if it didn't want to comply with it down the road. But a cap would be a high-profile symbol of budget restraint for taxpayers to rally around and defend. It would be easy for concerned citizens to understand a law that said that the government's budget shouldn't grow faster than the average family's budget."