U.S. Markets closed

Abolish Congress! James Altucher’s “Simple” Plan to Fix the Federal Deficit

Fin - Daily Ticker - US

Our elected officials in Washington have less than one month to come together and agree to legislation that would raise the country's $14.3 trillion debt ceiling.

Republicans say they will only agree to an increase in the debt ceiling if Democrats agree to no new taxes, which is not a likely scenario. Democrats on the other hand want to prevent drastic cuts to certain domestic policies, which Republicans have put on the chopping block.

To date, the negotiations have made little to no progress, but that could all change tomorrow. President Obama has invited the Democrat and Republican leadership from both Chambers of Congress to the White House to try to work through the impasse.

Whatever the outcome of tomorrow's meetings, the always provocative James Altucher has one quick solution that would go a long way to fixing the country's long-term deficit and budget problems: Abolish Congress.

In the accompanying interview, Altucher tells Aaron why Congress is no longer relevant and why "we the people" would do a much better job at leading the country for a lot less money.

Not only would taxpayers save billions in overhead costs for maintaining the legislative branch, but more than a trillion dollars could be saved by the elimination of earmarks and other pet projects, argues the blogger and author of, most recently, How to Be the Luckiest Person Alive.

Altucher willingly admits this proposition is not likely to happen anytime soon. However, he does believe it is a worthy and legitimate discussion to be having in the midst of a federal fiscal crisis.

Watch the video for more on why he believes the country would be much better off without Congress and tell us what you think!

For more on the issue, check out his blog here.