‘NO MORE!’: Rand Paul Unveils Plan to Slash Government Spending and Balance National Budget

WASHINGTON (Fox Business) — Sen. Rand Paul on Monday unveiled a new bill that includes trillions in budget cuts over the next five years in order to bring about a balanced budget.  

The Kentucky Republican’s proposal, a copy of which was first obtained by FOX Business, would yield a $65.8 billion surplus by fiscal year 2027. Collectively, the plan spends about $4.2 trillion less than the nonpartisan Congressional Budget Office estimated during that time period, a person familiar with the matter said. 

“Five years ago, we could balance our budget with a freeze in spending. Not cut anything. Since then, our debt has skyrocketed to $30 trillion with $2 trillion just from this past year,” Paul said in a statement. “We cannot keep ignoring this problem at the expense of taxpayers, and my budget will put our nation on track to solve this crisis that Congress created.”

The plan calls for cuts across the budget, excluding Social Security, which is racing toward insolvency. What is cut will be determined at a later time through the normal spending process. The goal is to set a parameter that Congress must fit its spending agenda within, rather than identifying specific cuts now. 

Under the legislation, federal spending would freeze in fiscal year 2023 at the CBO’s projected baseline level of $5.874 trillion. From there, it would steadily decline each year; in fiscal year 2024, Paul proposed slashing federal spending by $298.3 billion.

Still, the success odds for the bill – dubbed the Six Penny Plan – are slim. Paul has introduced near-identical versions of the bill in the past, all of which have died in the Senate as the result of bipartisan opposition. Democrats previously opposed cuts to many domestic programs, while Republicans resisted any efforts to slash military spending. 

The gap between what the nation collects and what it spends has started to substantially decline following last year’s $2.8 trillion deficit, with the government expected to post a deficit of $1 trillion in fiscal 2022. 

But the CBO, in its latest budget and economic outlook released at the end of May, projected the shortfall will begin climbing again in 2024, eventually hitting more than 6% of GDP a decade from now. The U.S. has only recorded greater deficits than that six times since 1946.

“This is no time to break out the champagne glasses – deficits will remain extremely high and debt is on course to reach a new record as a share of the economy by 2031,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement after the report was released. 

The nation’s debt level is currently at a historic high of $30 trillion following unprecedented levels of spending during the COVID-19 pandemic. 

DNI: It’s Legit; ‘No Evidence’ Hunter Biden Emails, Laptop Part Of Russian Disinformation Campaign

WASHINGTON (National Review) — Director of National Intelligence John Ratcliffe on Monday said Hunter Biden’s recovered laptop and emails, which purportedly show Joe Biden had involvement in his son’s foreign business dealings, are “not part of some Russian disinformation campaign.”

Ratcliffe’s comments, which refute claims made by House Intelligence Committee Chairman Adam Schiff that the emails are a smear attempt coming “from the Kremlin,” came during an appearance on FOX Business.

“It’s funny that some of the people who complain the most about intelligence being politicized are the ones politicizing the intelligence,” Ratcliffe said. “Unfortunately, it is Adam Schiff who said the intelligence community believes the Hunter Biden laptop and emails on it are part of a Russian disinformation campaign.”

He continued: “Let me be clear: the intelligence community doesn’t believe that because there is no intelligence that supports that. And we have shared no intelligence with Adam Schiff, or any member of Congress.”

A New York Post report last week details emails which suggest Hunter Biden may have made an introduction between his father, then- Vice President Joe Biden, and a Ukrainian adviser to Burisma Holdings in 2015.

The documents were reportedly recovered from a laptop computer that was dropped off at a repair shop in Delaware in April 2019 but never retrieved. The authenticity of the emails has not been confirmed.

“We know that this whole smear on Joe Biden comes from the Kremlin,” Schiff said of the emails on CNN. “That’s been clear for well over a year now that they’ve been pushing this false narrative about this vice president and his son.”

Ratcliffe said the claims of Russian disinformation are “simply not true.”

“Hunter Biden’s laptop is not part of some Russian disinformation campaign,” Ratcliffe said. “This is not part of some Russian disinformation campaign.”

He said the laptop is “in the jurisdiction of the FBI” and the Bureau’s investigation “is not centered around Russian disinformation and the intelligence community is not playing any role with respect to that.”


Brittany Bernstein of the National Review contributed to the contents of this report.

REPORT: White House Pushing for $2T Stimulus Prior to Election

WASHINGTON — White House officials are pressing congressional leaders to approve a fourth Coronavirus-related stimulus package totaling much as $2 trillion in direct aid to Americans prior to the election, Fox Business is reporting.

Citing unidentified sources within the Trump administration, Fox claims the plan could include payroll tax cuts, which have been heavily pushed for by White House economic adviser Larry Kudlow and Treasury Secretary Steven Mnuchin, and aid to Democrat-controlled states such as California, Illinois and New York.

Additional perks of the package would reportedly include infrastructure spending, an extension of unemployment benefits to Americans impacted by the first wave of Coronavirus and additional liability protections for businesses as they attempt to reopen should a possible “second wave” of infections from the Coronavirus occur.

According to Fox, administration officials believe the timing is key and that such a package would drive the unemployment rate to below 10%, boosting President Donald Trump’s odds of a landslide reelection. Last week the economy reported a 2.5 million increase in new jobs and unemployment for May fell to 13.3 percent from 14.7 percent in April, when the shutdown was at it’s max. On Tuesday, another key economic improvement was reported as retail sales showed an 18 percent increase in May.

When reached for statement, both White House officials and representatives for House Speaker Nancy Pelosi had no comment.