Toomey highlights parts of his 2012 budget

Sen. Pat Toomey and some of his fellow Republicans revealed today their plan for an alternative 2012 budget. WHYY’s Susan Philips will have more information later, but below are some highlights from the senator’s speech.

Toomey calls this budget a “necessary first step,” but acknowledges a need for broader reform for the federal budget.

Balanced by 2020 with a “modest surplus” in 2021
Reduce publicly held debt to about 52 percent of GDP by 2021
Lower spending to 18.5 percent of GDP

“I’m not aware of any country that has ever dramatically grown its government, generated massive spending beyond its means, run up huge deficits, accumulated massive debt, monetized part of it and then lived happily ever after,” Toomey said toward the end of his speech. “We won’t be the first.”