The 2007 solution (Sen. George LeMieux)

One way we could solve this problem is by freezing all federal spending at fiscal year 2007 levels, or about $2.7 trillion dollars.  By keeping spending at that level, we would balance the budget by 2013 and cut the national debt nearly in half by 2020. We would do this while also extending the 2001 and 2003 tax cuts and indexing the Alternative Minimum Tax for inflation.
 
This approach will require members of Congress to have serious conversations about priorities. It will require lawmakers to make tough decisions and find ways for government to work more effectively and efficiently. The 2007 Solution bill puts in place the mechanisms to control spending, tax increases are not allowed, and it will persuade lawmakers to enforce more active government oversight.
 
The 2007 Solution puts in place an expedited procedure in the House and Senate for guaranteeing a vote on a bill that lowers federal outlays to the 2007 level.

Under the bill, at the beginning of each session of Congress, the majority leaders of the House and Senate would have one week to introduce a bill in that chamber returning spending to 2007 levels.  If they choose not to introduce a bill, the minority leaders of each chamber would have a one week window for introduction. After this two-week period, if no bill has been introduced, any member of each chamber may introduce a 2007 spending bill.  
 
The mechanisms in this bill ensure the proposal has a full debate and a vote.  
 
The bill can only be referred to committee for a maximum of 30 days.  On the floor, there is a maximum of 50 hours of debate.  Relevant amendments are allowed, as long as the result would not breach 2007 spending levels.  Conference reports are limited to 30 hours of debate.  A three-fifths majority is required to pass the bill or conference report in each chamber.
 
The goal of this bill is to return sanity to government spending. The aim is to ensure that our children are not shortchanged, that we do not doom them to a life of burdensome taxes due to years of spending tethered to desire rather than revenue realities.
 
Part of the reason we are in such debt is the culmination of many individual decisions made outside the context of the larger picture.  Members judge the intentions of any given bill in a vacuum. Unfortunately, rarely is attention given to the combined cost of Congress’s actions and no consideration is given to the relationship to revenues.  The 2007 Solution is not about slashing spending without compassion; it is about choosing priorities and judging how much debt to pass on to our children.
 
On March 29th, my wife Meike and I welcomed our fourth child into the world.  And our little girl, born in the freest country in the world, now owes more than $40,000 as her share of the national debt. This is because Congress cannot make the tough choices necessary to protect our economic future.
 
The 2007 Solution bill will help Congress find the political will to finally address this massive problem.