Atwood's GOP challenger, former congressman Dan Marriott, recently discussed his ideas on balancing the federal budget in a speech before college students.
"We need to balance the budget by 1993. I propose we do that by limiting the federal government's power to spend to less than 19 percent of the Gross National Product. Currently, the government spends at about 21 (percent) of the GNP. Under my proposal, if the government wants a bigger piece of the economic pie, they have to make the pie bigger, not simply cut a bigger slice for themselves."Marriott also wants to give President Bush a line item veto in appropriation bills, so he can cut congressional spending.
"We tack a lot of costly junk onto bills. A line item veto will put an end to much pork-barrel legislation," Marriott believes.
To keep America competitive, Marriott says we must increase Americans' savings rate. "We should increase tax free IRA contributions from the current limit of $2,000 a year to 15 percent of our annual income. Further, I'd allow IRAs to be used to make down payments on first homes as well as for education." Marriott doesn't favor any new taxes.