(NETWORK INDIANA) Sen. Mike Braun of Jasper, IN, along with help from his fellow Hoosier Sen. Todd Young, are introducing a bill they say will “cap, cut, and balance” the federal budget. It’s call the MAP Act. The same bill is being brought up for debate in the House by Texas Republican Re. Kevin Brady.
On the House floor yesterday, Brady said the time has more than come to curb federal spending saying DC does not have a revenue problem but rather a spending problem.”
Sen. Braun, likened the issue to the government overusing a credit card that can’t be maxed out. He said Washington needs to readopt an old mantra that he said the government used to live by when it came to federal spending in the pre-WWI era.
Braun said we are consuming much of the money we are borrowing from other countries on entitlements, which are something the federal government didn’t have back when more source of revenue came about, such as the income tax, which was first implemented in 1913.
Braun and Brady say the MAP Act will help solve the issues by placing a cap on any spending the government does that does not involve interest attached to it. That cap would fluctuate based on the the country’s full employment GDP.
Brady said basing government spending on that is a more accurate way of predicting how much the government will need to spend in the future.