Balancing the budget is the decisive principle that will enable genuine reform of the federal government. Americans will accept substantial changes if they lead to a balanced budget, lower interest rates, lower taxes, a healthier economy, and increased jobs and take-home pay.
We know balancing the budget is achievable because House Republicans successfully led the effort in the 1990s. That initiative resulted in the only four consecutive balanced budgets in the last 100 years.
Practically, reality-based principles can help make balancing the budget achievable again. One crucial principle is the role of the Congressional Budget Office (CBO) as a scoring mechanism defining the parameters of Congressional success.
In 1995, recognizing the significance of the CBO, Republicans hired June O’Neill as its new director.
We understood that the CBO, established by a Democratic Congress in July 1974, described itself as providing “Congress with objective, nonpartisan information to support the budget process and help make informed economic and budget policy decisions.” However, in practice, the CBO has often operated as a liberal bureaucracy, delivering analyses that typically portray tax cuts as excessively expensive and government spending as unrealistically affordable.
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Author: Ray Hilbrich
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