While the bipartisan Congressional Super Committee sits behind closed doors trying to figure out how to cut to the federal deficit, the Tea Party says it has a plan...and it's offering details. We spoke to Matt Kibee, the President & CEO of FreedomWorks, a conservative non-profit organization that works closely with the Tea Party.
So what's his group's plan? Leave your comments on the plan in our LIVE chat.
o Balance the budget in 4 years (2015), and keeps it balanced - without tax hikes.
o Saves $9.7 trillion over the next 10 years, $500 billion in 1st year.
o Size of government: Shrinks it from 24% of GDP to about 16%.
o Taxes: Makes Bush tax cuts and AMT relief permanent.
How to achieve its goals:
o Eliminates 4 Cabinet agencies: Commerce, HUD, Energy, Education.
o Repeals the health care reform law.
o Ends farm subsidies, government student loans, & foreign aid to countries that don't support us.
o Social Security: Saves it and improves benefits via personal accounts:
Doesn't raise retirement age, cut benefits, or increase payroll taxes.
o Medicare: Gives Medicare seniors the right to opt into the Congressional health care plan.
How to convince Americans to get on board:
o Pay for performance: Suspends pension contributions and COLAs for Members of Congress, whenever the budget is in deficit.
o Crowd-source government: New "designated tax allotment" allows taxpayers to vote for best agencies with up to 10% of their tax payment.