Cutting federal spending—at least on paper—is fast becoming Washington’s newest growth industry.
Get ready for the latest contribution tomorrow when eight senators release a bill to reduce spending as a percentage of the nation’s gross domestic product. Known as the Commitment to American Prosperity Act (aka, the “CAP Act”), the measure would set a 10-year “glide path” to cap all spending—apparently including funding for popular entitlement programs like Medicare—from the current 24.7 percent of GDP to what a news release calls “the historical level” of 20.6 percent.
The lead sponsors are Sens. Bob Corker, R-Tenn., and Claire McCaskill, D-Mo. Sen. John McCain, R-Ariz., and five other Republicans make up the co-sponsors. A Capitol press conference is set at 12:30 p.m. tomorrow, according to the release.