(Washington, D.C.) – Citizens Against Government Waste (CAGW) today released the 2011 edition of its Prime Cuts database, a compendium of 691 waste-cutting recommendations that would save taxpayers $391.9 billion in the first year and $1.8 trillion over five years.  In addition, CAGW will be distributing a more in-depth summary of 59 of the most pressing recommendations from the Prime Cuts database during the week of June 13.    

Prime Cuts 2011 comes out at a critical time for fiscal policy.  Despite the $14.4 trillion national debt ($2.1 trillion higher than it was at the release of Prime Cuts 2010), politicians in Washington have only reluctantly demonstrated support for any credible platform to reduce future deficits and debts, and the day when austerity measures will be forced upon the federal government draws nearer.  Financial markets and economists have already taken notice of Congress’ and President Obama’s fiddling while Rome burns.  On April 18, 2011, credit rating agency Standard & Poor’s (S&P) downgraded its outlook on U.S. government credit to “negative.”  That decision was the latest of many warnings about the repercussions of ignoring massive deficits and mounting debt, from financial crises in Greece and Portugal, to the purging of all U.S. debt from Pimco’s flagship hedge fund, to a letter urging deficit reduction from 10 former chairs of the President’s Council of Economic Advisers. 

In his April 13, 2011 speech, the President failed to articulate a well-defined strategy for balancing the budget on any time horizon.  His most specific recommendation was a ‘‘debt failsafe trigger’’ that would automatically raise taxes or cut spending whenever the federal government spends too far beyond its means.  Rather than coming forward with an agenda that would reduce the debt now, the President offered a vague promise for fiscal prudence sometime in the future.  The goal of CAGW’s Prime Cuts 2011 is to give Congress and the President real, meaningful spending cuts that should be enacted immediately.

“At a time when all elected officials in Washington should be devoting all their energy toward finding a path toward government solvency, CAGW has provided a map,” said CAGW President Tom Schatz.  “CAGW’s Prime Cuts 2011 gives the public, the President, and Congress a very straightforward list of failed, duplicative, and outdated programs drawn from more than two dozen credible sources.  Ignoring the recommendations will exacerbate the massive growth in wasteful government spending that has gone on unabated for years.  All that is missing is the political leadership to eliminate these boondoggles using the budget process and the veto pen.

“While Prime Cuts is not the only answer, its recommendations, if heeded, will put more money in the hands of individuals and entrepreneurs, the true engines for job creation and prosperity, and less money toward government overreach and value-destroying bureaucrats.  The spendthrifts in Washington should enact every recommendation in this database.”

Citizens Against Government Waste is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, mismanagement and abuse in government.