RSC Chairman Jordan Pledges No Debt Limit Increase Without Cut, Cap, and Balance

The momentum to ensure that there will be no debt limit increase without legislation mirroring the so-called "Cut, Cap and Balance" legislation is increasing on Capitol Hill.  Last week, 11 United States Senators had signed onto the Cut-Cap-Balance Pledge effort and many of them spoke at a press conference with a number of Congressmen from the House of Representatives.  Three Republican presidential candidates have also signed on:  Congressman Ron Paul from Texas; Herman Cain from Georgia, and Senator Rick Santorum from Pennsylvania. 

The Chairman of the House of Representatives' Republican Study Committee, Congressman Jim Jordan from Ohio, is pledging that there will be no debt limit increase without Cut, Cap and Balance legislation.  As he states in one of the two press releases below:

“The national debt is a growing cancer on our economy,” said Chairman Jordan.  “It is abundantly clear that we must not raise the debt limit without bold changes that can put the country back on track.  Averting a debt crisis will take immediate spending cuts, hard caps that bring spending into line with revenues, and a Balanced Budget Amendment to the Constitution.  We have to Cut, Cap, and Balance.”

It is time for the president to step up to the plate and act.  He needs to get the Speaker of the House and the Senate Majority leader together and cut, at the very minimum, $4 trillion of government programs without increasing taxes on one American.  Indeed, he needs to cut corporate taxes and the capital gains tax if he wants to get Americans employed again. 
 
Directly below are two press releases from Chairman Jim Jordan's office:

Jordan Pledges No Debt Limit Increase Without Cut, Cap, and Balance

Washington, DC – Republican Study Committee Chairman Jim Jordan has signed the Cut, Cap, and Balance pledge, promising to oppose any debt limit increase without substantial spending cuts for the upcoming year, caps on federal spending, and a strong Balanced Budget Amendment to the Constitution.

“The politicians need to catch up with the people on this one,” said Chairman Jordan.  “Substantial cuts now, caps on spending, and a Balanced Budget Amendment to the Constitution all have widespread public support.  Cut, Cap, and Balance isn’t just popular; it’s what we need to save our country from the coming debt crisis.”

CUT, CAP, & BALANCE – LET ME SPELL IT OUT FOR YOU

The federal government is $14.3 trillion in debt, and a crisis is coming. Do we need to spell it out for you? Cut, Cap, and Balance. Our future is at stake.

A growing coalition of Americans is supporting the Cut, Cap, and Balance pledge. Pledge-takers promise to oppose any debt ceiling increase without substantial spending cuts for the upcoming year, caps on federal spending, and a strong Balanced Budget Amendment to the Constitution

Dozens of Representatives, Senators, and conservative leaders will officially announce their pledge at a press conference at 4pm EST today, which will be viewable live at http://www.cutcapbalancepledge.com/webcast/.

With Debt Overtaking the U.S. Economy, Need for Cut, Cap, & Balance Is Clear

Washington, DC – The national debt will overtake the size of the entire U.S. economy this year, according to the 2011 Long-Term Budget Outlook released today by the Congressional Budget Office.  In response to this news, Republican Study Committee Chairman Jim Jordan issued the following statement.

“The national debt is a growing cancer on our economy,” said Chairman Jordan.  “It is abundantly clear that we must not raise the debt limit without bold changes that can put the country back on track.  Averting a debt crisis will take immediate spending cuts, hard caps that bring spending into line with revenues, and a Balanced Budget Amendment to the Constitution.  We have to Cut, Cap, and Balance.”

Note: The RSC’s “Cut, Cap, and Balance” proposal includes:

1.         Immediate spending cuts to reduce the deficit by half next year.  According to March projections from the Congressional Budget Office, this would require spending cuts of approximately $380 billion in the 2012 fiscal year.

2.         Statutory, enforceable caps that bring spending into line with average revenues.  These caps would ratchet total federal spending down to 18% of GDP over the course of 5-6 years.

3.         House and Senate passage of a Balanced Budget Amendment to the Constitution that includes a spending cap at 18% of GDP and a supermajority requirement for tax increases.  The House Judiciary Committee and all 47 GOP Senators have endorsed Balanced Budget Amendments along these lines.

More information is available here.

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