- Balance by 2012, Without Raising Taxes. Prevents scheduled tax increases by retaining provisions enacted in 2001/2003; prevents expansion of the AMT for the next 3 years, and achieves full repeal in 2013.
- Discretionary Spending Priorities.
- National Defense, and the War on Terrorism. Defense discretionary spending equals the President’s request for 2009-13, including funds for overseas operations in Iraq and Afghanistan.
- Veterans. Provides $49.2 billion for veterans’ health care in fiscal year 2009, $1 billion more than the Democratic budget.
- Homeland Security. Meets the President’s request, an increase of $3 billion over 2008, for a total of $47 billion.
- Total Discretionary Spending. Provides a 4.3-percent increase in nonemergency discretionary budget authority in fiscal year 2009; removes earmarks and dedicates the $14.8 billion in savings to keeping taxes low and balancing the budget.
- Earmark Reform/Accountability: Imposes a moratorium on congressional earmarks for the remainder of the 110th Congress; requires a separate vote on increasing the public debt; requires cost estimates on conference reports and unreported bills; prohibits domestic add-ons to emergency war spending bills; limits long-term spending commitments; prevents use of reconciliation to increase spending; limits “advance appropriations” to $23.565 billion in 2010; provides a $7.3-billion domestic emergency reserve fund; provides for contingency war funds; incorporates bipartisan Legislative Line Item Veto; strengthens PAYGO by prohibiting use of tax hikes to finance direct spending increases.
- Entitlement Reform. Calls for continued reforms that rescue Medicare and Medicaid from impending financial crisis, and makes the Federal Government’s major entitlements more responsive, flexible, and sustainable. Calls for 1 percent savings by reducing waste, fraud, and abuse. Contrasts with the Democrats’ budget, which puts off reform for at least 5 years, and increases unfunded liabilities by $14 trillion.
Read the full report here.