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Cut, Cap and Balance [RSC Summary]

Economists agree that the U.S. will face a major debt crisis within the next few years. Erskine Bowles, the top Democrat on President Obama’s debt commission, calls this “the most predictable economic crisis in history.”

One-time spending cuts will not be enough to avert the coming crisis. Neither will toothless promises of cuts 10 years from now. Only permanent changes will do. The answer is spending cuts now, enforceable spending caps, and Congressional passage of a Balanced Budget Amendment to the Constitution – Cut, Cap, and Balance.

As proposed by the Republican Study Committee, Cut, Cap, and Balance entails:

  • Cut – 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.
  • Cap – Statutory, enforceable caps that bring spending into line with average revenues at 18% of GDP. Reps. Kingston and Mack have each introduced legislation that would ratchet total federal spending down to 18% of GDP over the course of 5-6 years.
  • Balance – 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. – 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.

In an On Message, Inc. survey of 1,000 likely voters nationwide, large majorities support:

  • Cutting next year’s deficit in half through spending cuts. (Favored 69%-20%)
  • Capping federal spending to no more than 18% of GDP. (Favored 66%-17%)
  • A Balanced Budget Amendment to the Constitution. (Favored 81%-13%)

The survey also found that Americans support a supermajority requirement to raise taxes (Favored 60%-30%).

Asked to choose between the three publicly proposed options for raising the debt limit:

  • 49% chose Cut, Cap, and Balance.
  • 21% chose $2-3 trillion in cuts for a $2 trillion debt limit increase.
  • 9% chose a blank-check debt limit increase with no spending cuts.

Getting the country back on track will also require a stronger economy. But in the face of higher taxes, inflation, interest rates, and regulation, many companies aren’t taking the risk of new hires or opportunities. By preventing the coming debt crisis, Cut, Cap, and Balance will rebuild private sector confidence and help businesses see reasons to hire once more.

Thousands of Americans and dozens of Representatives and Senators have taken the Cut, Cap, and Balance Pledge, promising to oppose any debt limit increase without substantial spending cuts, enforceable caps on spending, and Congressional passage of a Balanced Budget Amendment that also limits spending and requires a supermajority for tax increases.

Source: Republican Study Committee web site: http://rsc.jordan.house.gov/UploadedFiles/Cut-Cap-Balance_1-Pager.pdf

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  1. doctorhugo says:

    …And since this legislation has failed another opportunity has been SQUANDERED by the Republican leadership in BOTH houses. What I mean by that is all the poll results posted here notwithstanding, Republicans WITH GREAT CONSISTENCY seem to always loose the public relations battle, which may cause them this time to lose the war for the hearts and minds of the voters AND at a critical time.

    An example commented upon may be enlightening. You should recall seeing the picture that is use to lead off this story:
    http://www.carbonated.tv/sports/can-golf-success-carry-over-for-obama-boehner

    If you are OR are not, as most impatient people who are addicted to the VISUAL media, in all it’s forms, and detest reading the complete story so as to come to their own conclusions and; thereby, ALSO recognize when they are being herded as sheeple to an incorrect conclusion…consider this (excuse the horrific run-on sentence :wink: ). The picture, by itself, shows this to the closely observant. An erect and comfidently striding President Obama appearing to be ALMOST consoling of a slightly stoop-shouldered House Majority Leader Boehner whose very body-language in this strategically TIMED photo-op is indicative of having the weight of the world on his shouders (allowing the viewer understands the by-play that has been going on between these two). For those familiar with golf, Mr. Boehner is made to subliminally appear incompetent and uncertain by being shown carrying a putter with two other “approach-shot” clubs. That’s bad enough, BUT he’s also got them uncomfortably jammed under one arm while the other arm is swinging free and empty. I point all this out in my dedication to my often stated belief that there ARE NO COINCIDENCES IN POLITICS. This picure was opportunistically taken and used after careful review of mnay other similar photios as the one best depicting Boehner in A NEGATIVE MANNER! Bet on it. That is how demonRATs think and work.

    Here is my big question.

    Why..IMMEDIATELY after the vote was taken did the Republican leadership NOT HAVE a press conference PLANNED FOR IN ADVANCE (as the defeat of this bill was a foregone conclusion) and scripted with big screen video excerpts of Obama’s recent “PUBLIC” pronouncements TRYING TO shift the burden of blame on the Republicans?

    And…
    Why didn’t they also explain to the public that the demonRATs, led by THEIR President, have failed to file a budget, because they do NOT want to be held to the TRUTH of any FIRM POSITION ON SPENDING?

    And…
    Why didn’t they also note that no administration in modern American history has been this tardy in acting IN THAT ELEMENTAL AND PARAMOUNT “PUBLIC INTEREST”?

    And…
    Well, I could go on and on, but the sad reality is that the Republicans for reasons of NOT GETTING IT…are stumbling, bumbling, ineffectual public communicators and that failing could cost us a lot more than just the next election.