“We must address unsustainable deficit and entitlement spending, but not at the expense of economic growth,” said Congressman McHenry.  “Raising taxes is not the answer.  This bill takes a decisive step toward true structural reform to ensure that future generations are not saddled with crippling levels of debt.  Thus far, Congress has shown itself incapable of making these hard choices; it’s become clear that an outside commission is necessary.”

Spending on the three major entitlements, Medicare, Medicaid, and Social Security, will more than double in the next 40 years.  Without major reforms, entitlement spending will consume all federal tax revenues by 2052.  This growth cannot be sustained without significant expense to the American taxpayer.

The CORE Spending Act focuses on finding ways to reform entitlement spending and establish long-term fiscal restraint, but does not allow for the creation of new taxes or the increase of current tax rates.  Specifically, the bill will do the following:

• Establish a 15 member commission to examine entitlement benefit programs.
• Hold at least one town hall style public hearing in each Federal Reserve District.
• Offer a detailed report to Congress and the President no later than 180 days after enactment.
• Submit a legislative proposal to address areas of concern in a BRAC-style, up or down vote.

With the enactment of this legislation, Congress would take the steps needed to balance the federal budget while ensuring the solvency of established entitlement programs.

###