Representative Kevin Brady (R-TX) today presented to the Joint Select Committee on Deficit Reduction, charged with slicing $1.5 trillion over the next decade, a plan to restore the nation’s economic health.  “Now is the time to ‘think big,’” Brady said.   He sees his plan, “Maximizing America’s Prosperity” (MAP) as a means, not only to reduce the existing deficit, but to put in place a permanent budgeting infrastructure to bring federal spending in line with federal revenues without raising taxes.

“We have some highly able people of both political parties on this Joint Select Committee,” Brady said.  “They have before them herculean task, which I fully expect them to meet,” he continued. “But many experts across the political spectrum have warned that deficit reductions of $1.5 trillion will be insufficient to convince financial markets that the United States is capable of reversing course and away from the unsustainable fiscal path we are now on.” Brady said.

“That is why a number of Senators and House members of both political parties have urged the Joint Select Committee go beyond the mandate of the Budget Control Act and to ‘think big,’” he added. “The act did not adequately focus on the structural reforms that will be necessary to sustain any spending reductions we make now,” he continued. “My proposal will do that,” the Congressman said.

Brady cited three aspects of his plan that would forever change the way Congress and the President currently spend taxpayers’ dollars. His plan would require the President to prioritize spending recommendations he makes to Congress into five categories, from the most to the least urgent. It would cap and then reduce spending on federal programs from 19% of potential GDP in fiscal year 2013 to 16.5% of potential GDP in fiscal year 2021 and would retain that cap permanently. (Brady’s spending cap would closely parallel spending levels in the House-passed budget, except that it would save an additional $135 billion over ten years.) It would also provide a realistic sequester to reduce spending automatically if Congress fails to abide by the caps. That would be done by funding existing programs at 90% of the previous year’s funding and denying annual CODA increases to mandated programs.

 “This approach to sequestering,” Brady suggested, “would eliminate the possibility of government shutdowns.”

“Above all,” the Congressman concluded, “my proposal should convince markets and rating agencies that Congress is serious about solving the nation’s structural budgetary problems.

Mr. Brady's entire letter to the Super Committee is attached below: