We've got some serious work to do when it comes to tackling our fiscal inadequacies. How does this one sit with ya? Senators Tom Carper (D-Delaware) and George Voinovich (R-Ohio) want to increase fuel taxes. The proposed 25-cent-per-gallon increase would go toward deficit reduction and the highway trust fund. If implemented, it could raise $200 billion over five years. There you go ... two members of the Senate who think we have a revenue problem instead of a spending problem.
Raising taxes. That's all these people can ever come up with. Just a few weeks ago, I shared this little tidbit with you from the Congressional Budget Office. We can eliminate the deficit .. and do it relatively quickly ... WITHOUT cutting spending or raising taxes. Three scenarios:
* If we cap federal spending at current levels and extend the Bush tax cuts the budget will be balanced by 2016.
* If we limit increases in government spending to a rate of 1 percent above inflation and population growth the budget will balance by 2017.
* If we limit increases in government spending to a rate of 2 percent above inflation and population growth the budget balances by 2020.
But I guess these options are not nearly as sexy as taxing the rich or coming up with new ways to raise or increase taxes. After all, these politicians need something to do in Washington to make it seem like they are working. They can't write press releases for their local districts, bragging about how they aren't spending money.
