GOP could bring back dollar-for-dollar cuts

Rep. Tom Price (R-Ga.) on Friday said it would be “wise” for Republicans to follow a rule next year that would require any hike to the debt ceiling to be matched by equivalent spending cuts. 

Known as the Boehner Rule, it would require Congress to impose “dollar-for-dollar” cuts to offset any hike to the debt ceiling. The practice was established by Speaker John Boehner (R-Ohio) and used for much of 2011 after Republicans won House majority.

{mosads}“I think it was wise, we kind of fell away from that,” Price said. “Anything that gets us further in the direction of true reform to save and strengthen your Medicare Medicaid and Social Security is a wise thing for the country but it also helps us from a debt and deficit standing.” 

Price dismissed the suggestion that reviving the rule would prompt a showdown with President Obama.

“Having these crises moments, I prefer to think about as pinch-points to get good policy,” Price said.

Lawmakers earlier this year passed legislation that suspends the debt ceiling through March 15. Because of the Treasury Department’s replenished cash reserves and its extraordinary accounting techniques, the risk of default isn’t for months, even as late as next fall.

Price also suggested that Republicans should seek to balance the budget in 10 years.