Mourdock Calls for $7.6 Trillion Reduction in Government Spending Over 10 Years

INDIANAPOLIS, Nov. 15, 2011 /PRNewswire-USNewswire/ — Indiana State Treasurer
Richard Mourdock, a US Senate Candidate in the 2012 Republican Primary,
presented his plan for dealing with the nation’s budget issues and long-term
debt.

“More than likely, the Super Committee will not be able to report back to
Congress meaningful cuts of $1.2 trillion. They’ll either budget such reductions
far into the future or otherwise reduce the size of cuts required by their vote
last July. They may even vote to undo the requirements placed on the committee
itself.

“The $1.2 trillion reduction the Super Committee is debating is less than the
deficit in this year’s federal spending. In fact, the reduction is less than 3%
of planned spending over ten years. Even worse, given the budgeted growth
planned in government over the next decade, reducing just $1.2 trillion could
still cause our national debt to increase by as much as $8 trillion.

“Our Congress is missing the point: the national debt is the issue here, not the
simple reduction of $1.2 trillion. Admiral Michael Mullen, former head of the
Joint Chiefs of Staff said recently, ‘our debt is the greatest threat to our
national security.’ He is correct.

“In forming the Super Committee, Congress instructed its members to reduce
spending by $1.2 trillion to avoid another credit downgrade by Standard &
Poor’s. Congress is reacting with short-term planning and crisis management to
the situation.

“Today, I’m announcing a budget plan that emphasizes long-term planning. As we
face another budget crisis, all Senators should be stating their priorities and
spending targets but few are doing so.

“My plan is aggressive. Over ten years, it reduces total federal government
spending by 18.9%, a total of $7.6 trillion. It calls for 2013 starting budgets
for Social Security, Medicare, Medicaid and Defense spending to pre-2010 levels
with modest increases going forward. These four areas of the budget equal 60% of
total spending and must be targeted if we hope to see meaningful reductions. It
is important to note that I believe all Americans today over the age of 55 have
the full benefits of the programs they have planned on through their working
life. Younger Americans must understand there will be changes ahead, however.

“My plan aggressively reduces discretionary spending. To meet the necessary
goals, I’m calling for the elimination of the Department of Housing & Urban
Development, Department of Commerce, Department of Education and the Department
of Energy. If left ‘as is’ in the current baseline, those four agencies would
cost taxpayers $1.8 trillion. Essential duties (particularly the Census within
the Department of Commerce and Nuclear Regulatory Activities under the
Department of Energy) would be assigned elsewhere.

“Non-discretionary budget agencies generally would revert to 2010 budget year
levels to begin 2013 and would then see increases over the next ten years,
generally reflecting growth of .50 to 1% annually.

“I spent many hours formulating this plan and these reductions were not easy to
make. I see them as painful, severe and inconvenient but absolutely necessary to
our economic survival.

“Voters, particularly Republican voters on Primary Day 2012, will look to see
which candidate is willing to deal seriously with critical budget issues. In the
last thirty days, Senator Lugar voted against making a $1 billion dollar cut
from the Rural Development Agency. He also voted against a $6 million dollar cut
for the Small Community Air Service Development Program.

“The cuts I’m calling for here are 7,600,000 times greater than those he refused
to support. The question is, where, how much and when will Senator Lugar issue a
similar plan for significant reductions,” stated Treasurer Mourdock.

Paid for by Hoosiers for Richard Mourdock, Inc.
www.richardmourdock.com

SOURCE Hoosiers for Richard Mourdock, Inc.