Thursday, June 22, 2006

Judd Gregg to the Rescue

We need more Republicans like Judd Gregg.

The Senate Budget Committee chairman’s Stop Over-Spending Act (S.O.S.) is a welcome breath of fresh fiscal air. It’s exactly the sort of thing the profligate GOP needs right now to restore confidence after losing its fiscally conservative mojo in recent years.

The S.O.S. Act is a budget limit plan that essentially updates the Gramm-Rudman-Hollings Act from the mid ‘80s, and proposes a reining in of discretionary and mandatory spending, in addition to a new version of the line-item veto. Strict spending limits in the context of deficit reduction as a share of GDP are targeted. If these limits are violated, then an across the board cut is then implemented.

Judd’s plan also hits entitlement spending. One of the S.O.S provisions would set deficit targets and require budget committees to reduce entitlement spending if the deficit is expected to exceed them.

As the National Review puts it, the S.O.S. Act “is one of the most encouraging efforts toward spending discipline in years, and is eminently worthy of passage,” and “gives the GOP a chance to put itself on the record making a strong statement of its commitment to spending restraint.”

Let’s hope the Republicans finally step up to the plate on this one. It's about time.