Rand Paul maps quick path to balanced budget

by
March 23, 2013

Rand Paul
Sen. Rand Paul formally rolled out his 2014 budget blueprint on Friday, offering a combination of tax and spending proposals that he said would balance the federal budget in five years without raising taxes.

The freshman Kentucky Republican’s plan reshapes entitlement programs, abolishes four federal agencies and overhauls the federal tax code by establishing a 17-percent flat tax and eliminating taxes on capital gains, dividends and savings.

It also aims to put the nation’s the “large military complex of yesterday in check,” while calling on Congress to open up the Arctic National Wildlife Refuge and the outer continental shelf to oil drilling, and to increase oil and gas development on federal lands.

“If we don’t make difficult choices today, we will be faced with even more difficult and painful choices down the road,” Mr. Paul said in his plan, which he called “A Clear Vision to Revitalize America.”

Mr. Paul is likely to run for the GOP presidential nomination in 2016, and he has repeatedly called on lawmakers to take serious steps to reduce the nation’s national debt, which stands at $16.7 trillion.

The spending proposal the freshman senator outlined Friday would put the nation on a path to a balanced budge five years faster than the plan that House Republicans adopted last week. The unveiling came as the Senate was debating a Democratic budget that would leave a major deficit even after 10 years.

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