The Cut, Cap and Balance Act, Provides a Solution for Our Country’s Debt Crisis

Jul 19, 2011 Issues: Jobs and the Economy

 Washington, D.C.– Representative Reid Ribble today praised the passage of H.R. 2560, the Cut, Cap and Balance Act. Rep. Ribble co-authored this bill along with Representatives Jason Chaffetz (R-UT) and Mick Mulvaney (R-SC) to provide a solution to the country’s debt crisis.

“Our country’s unsustainable spending habits are threatening the path back to economic prosperity,” said Ribble. “I worked with my colleagues on this bill because I believe we need to put a stop to the irresponsible deficit spending in Washington. Families across Wisconsin have been forced to scale back their spending and balance their budgets, yet the federal government has failed to do the same. The three-step approach we outlined in this legislation will make sure Congress pays off its debt and operates within its means, so that we don’t place this burden on the backs of our children and grandchildren.”

H.R. 2506, otherwise known as The Cut, Cap and Balance Act, will address the budget crisis in three steps:

CUT

Cuts total spending by $111 billion in FY 2012.

CAP

Scales back total federal spending as a percent of GDP. The spending cap is based on a percentage of GDP, which was calculated based on House passed Budget.  

BALANCE

Requires a Balanced Budget Amendment be sent to the states for consideration before raising the nation’s debt limit.

 

To view Rep. Ribble’s floor statement on The Cut, Cap and Balance Act, please click here.

 

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