Texas Insider Report: WASHINGTON D.C. Last week the National Taxpayers Union Foundation released the most comprehensive and
up-to-date research on what the so-called Super Committee" could implement in the final hours of deliberation. The failure of the committee will result in automatic spending cuts for both discretionary and mandatory spending programs.
However Congress could still act to achieve the $1.2 trillion in spending cuts and savings by consulting NTUFs BillTally savings list. In fact not only would Congress reach the target savings figure but an additional $300 billion in HALF the required time.
The BillTally program measures proposed changes in federal spending using a five budget year window rather than the ten year window used by the Super Committee.
The Super Committee Failure Edition" of the
Taxpayers Tab includes (all figures exclude overlapping provisions):
- Total proposed saving figures for both chambers through mid-November in the 112th Congress
- Proposed savings broken out by category
- Savings bills introduced by party
Be sure to check out the
Taxpayers Tab Super Committee Failure Edition"
here. The 199 savings bill list of both the House and Senate can be viewed
here.
Least Expensive Bill of the Week
The Bill: H.R. 2319 Maximizing Americas Prosperity (MAP) Act of 2011
Annualized Savings: -$101.6 billion (-$406.5 billion over four years)
Sponsored by
Congressman Kevin Brady (R-TX) the MAP Act would cap all non-interest spending by the federal government beginning in FY 2013 and reduce spending as a percentage of GDP over the next decade. The federal government would need to cut spending by $588 billion in the first year to meet the first cap which limits spending to 19 percent of GDP. Cuts would be required until FY 2021 when government spending would be limited to 16.5 percent of GDP. The bill also requires that the presidents budget prioritize programs from most to least essential.
H.R. 2319 would also establish the Federal Agency Sunset Commission. Charged with reviewing every agency for efficiency and need at least once every 12 years the 12-member panel would make recommendations to Congress as to an agencys future ranging from simple reauthorizations to outright abolishment.
NTUF has determined that the savings from the cap would lead to a $588 billion spending reduction in FY 2013. However as the economy and GDP are expected to grow new spending would be authorized under the cap in fiscal years after 2013 totaling $181.4 billion.
Most Expensive Bill of the Week
The Bill: S. 1321 Practical Energy Plan Act of 2011
Annualized Cost: $1.4 billion ($6.8 billion over five years)
To reduce Americas dependence on imported oil and address the rise in energy prices
Senator Richard Lugar (R-IN) has introduced the Practical Energy Plan Act. The bill calls for an increase in domestic oil production while improving the nations energy efficiency.
S. 1321 would expand domestic oil production by reopening offshore and outer continental shelf zones where drilling has been suspended since the Deepwater Horizon oil spill. To augment proven oil reserves a new tax credit would be established to incentivize oil production from captured carbon. Senator Lugar projects the change in Americas oil sources will reduce Americas dependence on foreign oil by 6.3 million barrels per day by 2030.
The majority of the Practical Energy Plan Act is devoted to making America more energy efficient. Grants would be awarded to local governments to adopt new building codes and a new revolving loan program would lend funds to manufacturers who outfit facilities with technology that reduce energy needs. Along with new programs new regulations are imposed on private-sector businesses. By 2015 no less than 50 percent of car manufacturers inventories will be permitted to have fuel choice" vehicles which are cars and trucks that run on biofuels natural gas hydrogen or batteries.
Federal vehicles would also fall under similar requirements as the private-sector. The Department of Defense would be required to enter into a minimum 20-year contract for alternative fuels. Regulations would also be imposed on new and old government properties to comply with energy savings requirements.
According to the text of the Act S. 1321 would result in a $6.8 billion cost increase for the federal government over the first five years of enactment. The energy efficiency programs would make up all of the new spending. Provisions related to federal property energy savings and any offsetting receipts from offshore drilling are assumed to have an impact on spending after the first five years.
