A proposal by Senator Pat Toomey, supported by Senators Jim DeMint, Mike Lee, Marco Rubio, Ron Johnson, David Vitter, Tom Coburn, Richard Burr, and James Risch is set to balance the budget in 10 years.
It would reduce government spending to 18.5% of the nation’s GDP by 2012, and assumes economic growth with a surplus by 2021, and does not raise taxes.
However, unlike Rep. Paul Ryan’s proposal, it does not reform major entitlements.
Senator DeMint commented on Toomey’s proposal:
“We felt as a group it was important for us to show, as senators, it was possible to balance the budget within 10 years,” said DeMint. “They want to see the political will that we can balance our budget.”
Rubio came out in defense of Toomey’s proposal daring Democrats to come out with a proposal instead of talking points.
“I hope when they email you their talking points they also email you their budget proposal…I believe these proposals should be met by counterproposals.”
Here is Rubio promoting Toomey’s plan and why it’s necessary.