Reed targets federal debt, seeks overhaul of budget process

U.S. Rep. Tom Reed (R-NY) proposed changes on Monday to the federal budget process that would require President Obama to deliver tangible spending plans to Congress.

“Our kids and grandkids are saddled with an $18 trillion debt which continues to grow,” Reed said. “That isn’t fair, and it isn’t right. I care about ensuring that we leave our kids with a nation that is financially strong, and this proposal is the first step in that process.”

Previously, U.S. Treasury Secretary Jack Lew informed Congress that the U.S. would once again reach its debt limit by Nov. 3, but if a proposal were to move forward, which would require the president to submit a budget to Congress within 60 days, things could change for the better, Reed said.

“This proposal is about changing the culture and the tax-and-spend mentality of Washington, D.C. Ultimately, it holds our elected officials accountable by providing a practical framework to address our debt and gets our country back on track,” Reed said.

The proposal would require the president to submit a budget to
Congress within 60 days of congressional passage of an increase to the
debt ceiling. The president’s budget would have to eliminate deficit
spending over five years and boost revenues without
increasing taxes, requiring cuts to federal spending. In exchange,
Congress would authorize an increase in the debt ceiling until December
2016.

If the president were to fail to submit a plan, debt relief would be
restricted to six months and include a 1 percent spending
cut across all federal agencies.

The proposal also would require Congress to hold an up-or-down
vote on the bill, with a 50-vote threshold for Senate
consideration.