DALLAS, Texas (August 7, 2023)–America faces continued inflation and rising interest rates if we don’t get our financial house in order, and that’s why presidential candidate Ryan Binkley is unveiling a seven-year plan to balance the federal budget and begin paying down America’s soaring debt.
“If the Republican Party is honest with ourselves and we talk about the elephant in the room, Republicans have spent as much money in the last 40 years as Democrats, just on different things. It’s time that we change that,” Binkley told a cheering crowd recently. “The people I meet want a common sense solution to our debt. Instead of spending years fighting over every little program, our plan takes a holistic approach by asking all facets of government to tighten their belt. It’s a comprehensive strategy to balance the federal budget, regain America’s competitive advantage and boost economic growth for the sake of the next generation.”
Binkley is an expert in finance and the founder of the mergers and acquisitions company Generational Group, which grew to nearly 400 employees with less than 1% debt to total revenue. The successful businessman understands how our nation’s growing debt reduces the government’s ability to control inflation and leads to rising interest rates and falling confidence in the United States, which owes $32 trillion in debt to U.S. government agencies, investors and foreign governments, including more than 25% owed to Japan and China.
“China and their allies are doing everything they can to weaken the dollar. Our economic health has to be strong, or we can’t stand up to China,” Binkley told a group of young people concerned about their future economic opportunities. “The Republican Party has to get back to who we once were as fiscal conservatives, so I’ve put together a plan to attack the deficit and bring the budget back into balance in seven years and improve the prosperity of Americans.”
Binkley spent weeks working with consultants to draft The 7-Year Economic RESCUE Plan, which centers around freezing government spending in 2024. The result is a balanced federal budget by 2031.
“Writing a budget starting from a spending freeze baseline will require some tough choices, but making tough choices is what taxpayers expect of their elected officials. And they obviously have been let down. If Congress was a football team, it would be a roster of 535 punters,” Binkley said. “That is why I am running for president – to provide leadership to solve one of the most pressing issues facing our country and its future. Our fiscal system is headed toward a crisis; we need a president who has the courage to set a new path.”
The 7-Year Economic RESCUE Plan will eliminate programs that are inefficient and invest in those that are providing a return. It will reduce non-defense discretionary spending; prevent waste, fraud, and abuse; and save Social Security for generations to come. If no action is taken by 2034, Social Security will have cash flow to meet just 78% of its obligations.
“Other candidates do not have a plan to balance the budget, or they talk about enacting rules that are not in the purview of the executive office. As president, I will put some teeth into the Budget Act and reform the budget process,” Binkley said.
The 7-Year Economic RESCUE Plan includes four pillars:
1. Truth in Budgeting by eliminating automatic increases every year
2. Fiscal Leadership to Make Tough Choices like reforming health care and eliminating the Inflation Reduction Act
3. Pro-Growth Tax Policy with a flatter, fairer tax system and an extension of the 2017 Tax Cuts and Jobs Act
4. Budget Process Reform to initiate accountability through a five-step approach:
- Sign an Executive Order directing the Office of Management and Budget to publicize when Congress is not adhering to budget deadlines
- Propose legislation that enacts a spending cap on appropriations when Congress misses the fiscal year deadline
- Invoke the Rescission Authority to require a second Congressional vote on a list of unnecessary earmark spending
- Revise the annual federal budget from a concurrent resolution that does not require the president’s signature to a joint resolution that the president must sign or veto
- Pursue a Balanced Budget Amendment to the Constitution
“My package of budget process reforms will bring accountability – and fiscal responsibility – back to the federal budget process,” Binkley said. “The reason Fitch downgraded our credit rating last week is because the U.S. has an unsustainable amount of debt and future deficits that have been deteriorating our financial health. We are $32 trillion in debt, pay 8 percent of our budget on net interest payments and have not attempted to balance the budget in decades. I believe we should implement a new budget reform process, cut wasteful spending and implement my 7-Year Economic RESCUE Plan to balance the budget, which would protect our credit, ease the burden on taxpayers and rescue the U.S. dollar. It’s time for us to start thinking about the next generation.”
To read the 7-Year Economic RESCUE Plan in full, go to the Binkley 2024 campaign website here. Media outlets can also download charts from the plan and other assets through the online press kit here. To request an interview, contact:
Binkley 2024 Press Office
214-494-1792