Cut, Cap and Balance is the only plan that actually cuts the deficit, caps federal spending and requires passage of a Balanced Budget Amendment to the U.S. Constitution.
RE: A proposal by Senators Lee, Toomey and 30 others in the U.S. Senate and Congressmen Jordan, Chaffetz and over 80 others in the U.S. House to insure any increase in the debt ceiling only occurs if substantial cuts in spending, enforceable spending caps are enacted and a Balanced Budget Amendment to the U.S. Constitution is sent to the states for ratification.
ISSUE-IN-BRIEF: President Obama has not offered a plan to reduce the deficit and control spending. The Democrats in the Senate have not passed a budget in two years. The interest alone on the more than $14 trillion debt is over $1billion per day, and the national debt is growing about $3 billion per day.
CUT CAP and BALANCE:
"Cut." Means substantial cuts in spending that will reduce the deficit next year and thereafter. Congress would have to place significant cuts on the table as part of any legislation increasing the debt limit.
"Cap." Means enforceable spending caps that will put federal spending on a path to a balanced budget. The Balanced Budget Amendment (BBA) has enforceable spending caps, yet they will not kick in until the BBA is passed by both chambers of Congress (with a 2/3rds vote) and ratified by the States. This necessitates a budget reform that implements an immediate spending cap.
"Balance" Means adopting the Hatch-Lee BBA that is supported by all 47 Republican Senators. This version of the BBA includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses." Congressional passage is necessary before the debt limit is allowed to increase.
"Of course, the best way to permanently reduce spending would be to enact a balanced-budget amendment to the Constitution requiring a supermajority in both houses of Congress to run an annual deficit, raise tax rates, or increase the debit ceiling."
James A. Baker III, Ronald Reagan's Secretary of the Treasury from 1985-1988
FOR MORE INFORMATION ON CONSTITUTIONAL CONSERVATISM VISIT: WWW.THEMOUNTVERNONSTATEMENT.COM
For Additional Information on the Cut, Cap and Balance effort please click on the links below:
Al Cardenas, Chairman, American Conservative Union
Duane Parde, President, National Taxpayers Union
William Wilson, President, Americans for Limited Government
Tony Perkins, President, Family Research Council
Colin Hanna, President, Let Freedom Ring
Tom Schatz, President, Council for Citizens Against Government Waste
David N. Bossie, President, Citizens United
Edwin Meese III, former Attorney General
David Williams, President, Taxpayers Protection Alliance
Brent Bozell, President, ForAmerica
Kay R. Daly, President, Coalition for a Fair Judiciary
James Martin, Chairman, 60 Plus Association
Elaine Donnelly, President, Center for Military Readiness
Mathew D. Staver, Chairman, Liberty Council Action
Karen Kerrigan, President, Small Business & Entrepreneurship Council
Richard Viguerie, Chairman, ConservativeHQ.com
Bob McEwen, former Member of Congress, Ohio
David McIntosh, former Member of Congress, Indiana
Alfred Regnery, Publisher, American Spectator
T. Kenneth Cribb, former Domestic Adviser to President Reagan
Susan Carleson, Chairman & CEO, American Civil Rights Union
Bill Pascoe, Executive Vice President, Citizens for the Republic
Chris Littleton, Co-Founder, Ohio Liberty Council
Bob Adams, Executive Director, League of American Voters
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