Paul Ryan will soon sit down for a conversation with Wall Street Journal editorial page editor Paul Gigot. e21 and the Manhattan Institute are sponsoring the event, which will be at the National Press Club in Washington, D.C. from 12-1 p.m. Bill Kristol will be introducing Ryan and Gigot. You can watch live on C-SPAN3 or online, here.
The new Republican majority in the House has promised to reign in the federal budget by cutting spending and imposing new requirements for any future budgetary legislation. Incoming House Budget Committee Chairman Rep. Paul Ryan (R-WI) will provide insights in an address at the e21/ Manhattan Institute on how he plans to exercise his new powers and carry out the financial agenda.
Under the GOP-proposed House rules package, Rep. Ryan would dictate spending priorities and place restrictions on the federal budget. In the case that the House and Senate fail to reach an agreement on a budget resolution, the congressman will then ban any revisions to his guidelines.
Originally, House Republicans planned to immediately pull back non-security discretionary spending to 2008 levels, but they had to hold off until the next fiscal year because Congress never passed a full budget for FY2011. Instead, GOP leaders have announced that they will cut five percent from the House operating budget for an estimated savings of $35 million for taxpayers.
Another new proposal aims to replace the Democrats’ existing policy of “pay as you go” with a “cut as you go” rule. The mandate requires legislation that increases in spending would be paid for with a spending cut of an equal or greater amount elsewhere in the budget and prohibits using a tax hike to make up the difference.