Next week, the House will take up debate on the Cut, Cap, and Balance Act of 2011. This bill will provide immediate spending cuts, implement a plan similar to mine which would limit spending as a percentage of the economy, and enact a balanced budget amendment to the U.S. Constitution. Then, and only then, it would allow for an increase in the debt limit.
I plan to support this bill because it addresses the need to change the trajectory of spending. We are in this debt crisis not because the debt ceiling is too low, but because spending is too high. Since President Obama took office, the national debt has increased by $3.7 trillion – more than the country acquired from 1776 until 1992!
The Cut, Cap, and Balance Act is a constitutional, permanent solution to put an end to the spending-driven debt crisis and save our children and grandchildren from a bankrupt future. To read more about the plan, click here.