In a Washington Post op-ed piece out today, Senate Budget Committee Ranking Member Jeff Sessions (R-AL) proposes that “any effort to raise the debt ceiling be tied to no less than a sustained 10 percent reduction of current discretionary spending.”
On Tuesday, President Obama will deliver his State of the Union address. Soon after, he will come forward with a new budget. This is a defining moment for his presidency. His proposals cannot be timid. And he must demonstrate that he is at last willing to shed his Keynesian worldview.
As we enter the annual budget season, Washington will need to consider the kind of change this country has not accomplished since 1997 – when a strong Republican Congress passed a budget that converted soaring deficits into surpluses.
We need a budget with a bold vision – like those unveiled in Britain and New Jersey; one that reduces both the size of the deficit and the size of the government. We need a budget that does not require tax increases as the price for spending cuts – because while the spending cuts may disappear, the economic drain of higher taxes will not. And we need a budget that turns us back from the cliff so we can head down a new road – toward leaner government, responsible spending and a thriving private sector.