Saying that “reckless spending is threatening the future of our nation,” Georgia’s junior Senator has signed on as a co-sponsor of the “Stop Over-Spending (S.O.S.) Act.”
The Act is intended to:
- Create a mechanism for the President and Congress to quickly and effectively eliminate wasteful spending, while maintaining Congress’ power of the purse.
- Implement procedures to automatically slow the rate of growth for mandatory programs if Congress fails to meet deficit reduction targets;
- Reinstate statutory caps on discretionary spending; and
- Convert annual budget, appropriations and authorizing budget process from a yearly process into a two-year cycle.
According to a press release, the “S.O.S. Act” will also “create two new bi-partisan commissions. The first will study the accountability and efficiency of government programs. The second commission will examine and provide solutions to the impending entitlement crisis.”
“One of the problems we have in Congress with deficit spending is spending money on projects that by anybody’s definition are projects that shouldn’t be funded with tax dollars,” said Sen. Isakson in the release. “This is about changing our budget process and setting priorities for spending.”