U.S. Sen. Bob Corker said he will introduce legislation after the November elections he hopes will “change the way Washington does business” by capping federal spending as a share of the U.S. economy.
Corker, R-Tenn., said Thursday such a cap will likely require major cuts in overall federal spending, including changes in Social Security and other entitlement programs.
He declined to specify where government spending should be cut, but during a meeting with reporters and editors at the Times Free Press, he said “it is embarrassing the way money is now spent in Washington.”
Without limiting spending and debt, government borrowing as a share of the economy will more than double by 2030 to a level surpassing the debt burden of the financially troubled Greece, he said.