The single best policy action that the lame-duck GOP Congress can do right now is to vote in a spending pay-go limitation with balanced budget targets.
Spending limitation pay-go simply means that any increased spending must be offset by reduced spending in some other area of the budget. Not higher taxes, but reduced spending.
This would send a clear message to disaffected Republicans and independents (Ross Perot voters) that the GOP is moving to regain the high ground on limited government and budgetary restraint.
The Democrats are pushing a revenue pay-go. This means somewhere along the line, they’re going to raise taxes to finance roughly $75 billion of new spending on health, education and other areas.
Republicans must signal that they learned a lesson from their midterm election defeat. Show voters that the GOP is moving back home to its small government roots.
A balanced budget spending limit at low marginal tax rates should be the GOP mantra.
They should start immediately. Right now-during the lame-duck Congress.