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.