During the next few months we are all going to hear a lot about capping federal spending. It’s an idea that sounds appealing to many people, but the harsh reality is that such a move could paralyze the nation’s economy. Now is not the time for fundamental change. It is the time for moderate, balanced approaches to budgeting and deficit reduction.

Please take time today to review a great paper on global spending caps. Instituting a cap would limit the amount of money the nation can spend on Medicare, Medicaid, and Social Security. It handcuffs our ability to respond to economic crisis.  Ultimately a global spending cap means beneficiaries will see cuts in Social Security and services provided by Medicaid.  It would also fundamentally change Medicare, breaking the great promise made to our aging population.

Congress has balanced the budget in the past. Bill Clinton did it when he was President with the help of a Republican-led House of Representatives. It can certainly happen again.  Radical changes like global spending caps, though, are little more than a distraction from achieving the ultimate goal of a strong, stable economy.