Their proposals on the budget sound comprehensive, but while they touch on many areas they lack substance. They propose a budget cap, but it sets no specific level for the cap. They promise a federal hiring freeze, but exempt security related jobs, one of the fastest growing, most potentially abusive and most unnecessary areas of government. I'd rather see them cut the Department of Homeland Security entirely and privatize the Transportation Safety Administration, as well as reduce the sizes of other federal security agencies. They promise to roll back spending to "pre-stimulus, pre-bailout levels" which means that the already bloated spending level of the Bush era will be preserved. That's just not adequate. The proposed savings of $100 billion a year from these trivial reductions is less than 10% of the current budget. It's a bandaid applied to a severed limb. They should be promising progressive cuts with a target of reducing yearly budgets to the area of $500 billion within 5 years.
They plan to demand congressional approval of any new federal regulations which add to the deficit or make it harder to create jobs - so vague it could apply to anything. Congressional oversight of the federal bureaucracy is a good idea, but it's just pushing small numbers around when they should be cutting entire programs and agencies.
One appealing proposal in the area of cuts is the establishment of a federal "sunset" system like those in many states where agencies and programs would be periodically reviewed and potentially shut down if the prove unnecessary or ineffective. A great idea, but likely to turn into nothing but a meaningless rubber stamp and yet another bureaucracy as it has in many states.
There's a host of other proposals which are all good intentions with no practical reality. How these elected and serving Republicans can propose ideas which they know that even with a majority they will be unable to get past a filibuster is inexplicable. There's also a lot of rhetoric we've seen before: opposition to card check, promising to stop cap and trade, ending federal funding of abortion. There's also an interesting idea to cut taxes by 20% for small businesses. It's appealing but again, inadequate. They should eliminate all corporate taxes at all levels if they really want to stimulate the economy and eliminate double taxation.
I like their proposal to end future bailouts and cancel TARP, but almost all of the TARP money has been spent and they don't seem to have a plan to actually reverse the enormous bailout spending. Plus, reversing any of that spending over the objections of the unions and the businesses which benefit from it seems unrealistic unless they win a super majority in both houses. Similarly, their proposed reform of Fannie Mae and Freddie Mac will be blocked by Democrats in the pockets of real estate and banking interest.