Tuesday, June 07, 2011

Schmidt Joins Other House Repubs in Calling for Cut, Cap, and Balance

2nd Congressional District Congresswoman Jean Schmidt joined members of the Republican Study Committee in putting forth their ideas about the budget and spending crisis we find ourselves in as a country, with such a massive debt on our hands. The proposal was sent in a letter to Speaker Boehner and Majority leader Eric Cantor. The main parts of the proposal are:

1. Immediate spending cuts to slash the deficit in 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 align spending with average revenues by ratcheting total federal spending down to 18% of GDP.
3. House and Senate passage of a Balanced Budget Amendment to the Constitution that includes a spending cap at 18% of GDP and a high hurdle for tax increases. 47 Senators have already endorsed a Balanced Budget Amendment along these lines.

This proposal is known as Cut, Cap, and Balance. It has garnered support from the American Conservative Union, the American Family Business Institute, Americans for Limited Government, Americans for Tax Reform, Citizens United, the Club for Growth, the College Republicans, and the Conservative Action Project. Other supporters include the Council for Citizens Against Government Waste, the Family Research Council, FreedomWorks, Heritage Action, Let Freedom Ring, the Life & Liberty PAC, the National Taxpayers Union, and RedState.com.

The full text of the letter can be found here.