Barack Obama will restore fiscal discipline to Washington:
Obama and Biden review the federal budget line by line and eliminate programs that don’t
work or are unnecessary.

Reverse Bush tax cuts for the wealthy:
Obama and Biden will protect tax cuts for poor and middle-class families, and will
reverse most of the Bush tax cuts for the wealthiest taxpayers.

Close special interest corporate loopholes:
Obama and Biden will level the playing field for all businesses by eliminating
special-interest loopholes and deductions, such as those for the oil and gas industry.

Plan for Restoring Fiscal Discipline

The Problem

Increasing Debt: Under President Bush, the federal debt has increased from $5.7 trillion
to $8.8 trillion, an increase of more than 50 percent.

Irresponsible Tax Cuts: President Bush's policies of giving tax breaks for the wealthy
will cost the nation over $2.3 trillion by the time they expire in 2009. 

Barack Obama and Joe Biden's Plan

Restore Fiscal Discipline to Washington

Reinstate PAYGO Rules: Obama and Biden believe that a critical step in restoring fiscal
discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending
commitments or tax changes to be paid for by cuts to other programs or new revenue. 
Reverse Bush Tax Cuts for the Wealthy: Obama and Biden will protect tax cuts for poor and
middle class families, but they will reverse most of the Bush tax cuts for the wealthiest
taxpayers. 

Cut Pork Barrel Spending: Obama introduced and passed bipartisan legislation that would
require more disclosure and transparency for special-interest earmarks. Obama and Biden
believe that spending that cannot withstand public scrutiny cannot be justified. Obama
and Biden will slash earmarks to no greater than year 1994 levels and ensure all spending
decisions are open to the public. 

Make Government Spending More Accountable and Efficient: Obama and Biden will ensure that
federal contracts over $25,000 are competitively bid. Obama and Biden will also increase
the efficiency of government programs through better use of technology, stronger
management that demands accountability and by leveraging the government's high-volume
purchasing power to get lower prices. 

End Wasteful Government Spending: Obama and Biden will stop funding wasteful, obsolete
federal government programs that make no financial sense. Obama and Biden have called for
an end to subsidies for oil and gas companies that are enjoying record profits, as well as
the elimination of subsidies to the private student loan industry which has repeatedly
used unethical business practices. Obama and Biden will also tackle wasteful spending in
the Medicare program. 

Make the Tax System More Fair and Efficient

End Tax Haven Abuse: Building on his bipartisan work in the Senate, Obama will give the
Treasury Department the tools it needs to stop the abuse of tax shelters and offshore tax
havens and help close the $350 billion tax gap between taxes owed and taxes paid. 
Close Special Interest Corporate Loopholes: Obama and Biden will level the playing field
for all businesses by eliminating special-interest loopholes and deductions, such as
those for the oil and gas industry. 

Barack Obama and Joe Biden's Record

PAYGO: Obama voted in 2005, 2006, and 2007 to reinstate pay-as-you-go (PAYGO) federal
budget rules. 
No-Bid Contracts: Obama has introduced and helped pass bipartisan legislation to limit
the abuse of no-bid federal contracts. 
Against Raising the Federal Debt Limit: In 2006, Obama voted against misguided Republican
efforts to raise the statutory debt limit at the same time the Republicans were pushing
through massive debt-financed tax cuts for the wealthy.