Tag Archives: S. 1340

Democrats Dumb Things Down Better Than Republicans

The debt ceiling debate will most-likely become the GOP’s fault. Not because the lion’s share of spending is from Republican policies, but because Democrats are much better at speaking in generalities, obscuring facts and planting doubt.

Republican Study Committee Logo

Rep. Jim Jordan, chairman of the Republican Study Committee, was on Fox News Sunday with Chris Wallace facing Rep. Chris Van Hollen (D-Maryland).

Chris Wallace made an interesting point, one that Van Hollen was eager to let pass without comment, that Jordan missed the opportunity to make a strong point on, and Wallace did a poor job of exploring: what happens if the debt ceiling isn’t raised on August 2nd?

Chris presented the issue by saying that if we pay Social Security first, some top government programs would have to take cuts of around 40%. A slide was displayed that listed programs like the Veterans Administration, the FAA, and more. Van Hollen let the slide go without comment realizing the trap. For Jordan, it perfectly illustrated the terrible situation America is in – we’re broke. After paying Social Security, many government programs are beyond our ability to fund. If we raise the debt ceiling, we are admitting that we can’t afford these programs and are too dense to do anything about it.

Chris Van Hollen, a Democrat on the House Budget Committee was flawless. Talking points firmly memorized and facts transmogrified into fear-mongering platitudes, he was able to defeat every one of Jordan’s responses with nothing but populist garbage.

Jim Jordon is one of the sponsors of the Cut, Cap and Balance legislation that will likely pass the House and fail in the Senate next week. Van Hollen falsely summarized the bill for the weak-minded: [paraphrased]: Their legislation would cut Medicare and give tax breaks to oil companies.

Jordan was ill-prepared for the debate. He was unable to contradict Van Hollen’s Mediscare talking point. In Jordan’s own committee bill (H.R. 2560 – Cut, Cap and Balance) there is a specific subsection that protects Medicare:

EXEMPT FROM DIRECT SPENDING LIMITS.—
Direct spending for the following functions is exempt from the limits specified in subsection (c):
(1) Social Security, function 650.
(2) Medicare, function 570.
(3) Veterans Benefits and Services, function
(4) Net Interest, function 900.

And again, in another section of the legislation, Medicare is exempted from the measure:

(B) Section 255 of the Balanced Budget and Control Act of 1985 shall not apply to this section, except that payments for military personnel accounts (within subfunctional category 051), TRICARE for Life, Medicare (functional category 570), military retirement, social security (functional category 650), veterans (functional category 700), net interest (functional category 900), and discretionary appropriations shall be exempt

There is only one more mention of Medicare in the entire bill and yes.. it also holds Medicare exempt from the proposed legislation.

Cut, cap and balance does not cut Medicare, in fact, it specifically protects it. Van Hollen was wrong and Jordan was not even able to quote legislation he sponsors to point that out. The fact that Chris Wallace was ill-informed is nothing new, but he let the Democrat get away with misleading information.

The right says: we only take in enough money to pay for 60% of our current responsibilities. We have to cut spending to affordable levels or we will face bankruptcy in the next 2 to 3 years.

The left says: they want to cut Medicare and give tax breaks to oil companies.

This is how Democrats intend to keep the spending faucet wide open – flat out lies. Class warfare, scare tactics on Medicare and other fabrications are all they have. Unfortunately, a large portion of America finds it easier to consume the dumbed-down rhetoric from the left, instead of trying to process the logic from the right.

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

Cut Cap and Balance [Full Text]

Calendar No. 97

 

112th CONGRESS

 

1st Session

 

S. 1340

 

To cut, cap, and balance the Federal budget.

 

IN THE SENATE OF THE UNITED STATES

 

JULY 7, 2011

 

Mr. LEE (for himself, Mr. TOOMEY, Mr. PAUL, Mr. DEMINT, Mr. JOHNSON of Wisconsin, Mr. HATCH, Ms. AYOTTE, Mr. BARRASSO, Mr. BLUNT, Mr. BOOZMAN, Mr. COBURN, Mr. CORKER, Mr. GRAHAM, Mr. ISAKSON, Mr. PORTMAN, Mr. ROBERTS, Mr. RUBIO, Mr. SESSIONS, Mr. THUNE, Mr. VITTER, and Mr. WICKER) introduced the following bill; which was read the first time

 

JULY 11, 2011

 

Read the second time and placed on the calendar

 


A BILL

 

To cut, cap, and balance the Federal budget.

 

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

     

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Cut, Cap, and Balance Act of 2011’.

     

TITLE I–CUT

 

SEC. 101. REDUCTION OF 2012 SPENDING.

    • (1) $1,137,000,000,000 in total new budget authority; and

       

      (2) $1,277,000,000,000 in total budget outlays.

       

  • Fore purposes of section 302(a) of the Congressional Budget Act of 1974, the estimated allocation of the appropriate levels of budget totals for fiscal year 2012 for the Senate Committee on Appropriations shall be–

     

TITLE II–CAP

 

SEC. 201. SENSE OF CONGRESS.

    It is the sense of Congress that Congress should enact comprehensive tax reform that lowers marginal rates, broadens the base, and simplifies the tax code to increase economic growth while generating revenues that are in line with the historical average of 18% of GDP.

     

SEC. 202. MODIFICATION OF THE CONGRESSIONAL BUDGET ACT.

    Title III of the Congressional Budget Act of 1974 is amended by inserting at the end the following:

     

‘SEC. 316. DISCRETIONARY SPENDING LIMITS.

      • ‘(A) for the defense category (budget function 050), $575,790,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $435,000,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $593,476,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $435,000,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $609,549,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $435,000,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $621,853,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $435,000,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $634,895,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $435,000,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $646,458,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $435,000,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $658,261,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $435,000,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $667,000,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $435,000,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $671,000,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $443,500,000,000 in budget authority.

         

        ‘(A) for the defense category (budget function 050), $695,000,000,000 in budget authority; and

         

        ‘(B) for the non-defense category, $457,700,000,000 in budget authority.

         

    • ‘(1) For fiscal year 2012–

       

      ‘(2) For fiscal year 2013–

       

      ‘(3) For fiscal year 2014–

       

      ‘(4) For fiscal year 2015–

       

      ‘(5) For fiscal year 2016–

       

      ‘(6) For fiscal year 2017–

       

      ‘(7) For fiscal year 2018–

       

      ‘(8) For fiscal year 2019–

       

      ‘(9) For fiscal year 2020–

       

      ‘(10) For fiscal year 2021–

       

      ‘(1) the Chairman of the Senate Committee on the budget may adjust the discretionary spending limits provided in this section, the budgetary aggregates in the concurrent resolution on the budget most recently adopted by the Senate and the House of Representatives, and allocations pursuant to section 302(a) of the Congressional Budget Act of 1974, by the amount of new budget authority in that measure for that purpose and the outlays flowing there from; and

       

      ‘(2) following any adjustment under paragraph (1), the Senate Committee on Appropriations may report appropriately revised suballocations pursuant to section 302(b) of the Congressional Budget Act of 1974 to carry out this subsection.

       

      ‘(1) For fiscal year 2012, $126,500,000,000 in budget authority.

       

      ‘(2) For fiscal year 2013, $50,000,000,000 in budget authority.

       

      ‘(3) For fiscal year 2014, $50,000,000,000 in budget authority.

       

      ‘(4) For fiscal year 2015, $50,000,000,000 in budget authority.

       

      ‘(5) For fiscal year 2016, $30,800,000,000 in budget authority.

       

      ‘(6) For fiscal year 2017, $8,500,000,000 in budget authority.

       

      • ‘(A) by the affirmative vote of two-thirds of the Members, duly chosen and sworn; or

         

        ‘(B) in the case of defense budget authority, if Congress declares war or authorizes the use of force

         

    • ‘(1) WAIVER- The provisions of this section shall be waived or suspended in the Senate only–

       

      ‘(2) APPEAL- Appeals in the Senate from decisions of the Chair relating to any provision of this section shall be limited to one hour, to be equally divided between, and controlled by, the appellant and the manager of the measure. An affirmative vote of two-thirds of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.

       

  • ‘(a) In General- It shall not be in order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause the discretionary spending limits as set forth in this section to be exceeded.

     

    ‘(b) Limits- In this section, the term ‘discretionary spending limits’ has the following meaning:

     

    ‘(c) Adjustments- After the reporting of a bill or joint resolution relating to oversees deployments described in subsection (d), or the offering of an amendment thereto or the submission of a conference report thereon–

     

    ‘(d) Overseas Deployments- If a bill or joint resolution is reported making appropriations for fiscal year 2012, 2013, 2014, 2015, 2016, or 2017 that provides funding for overseas deployments and activities undertaken as a result of a declaration of war or Congressional authorization of force, the allowable adjustments provided for in subsection (c) shall not exceed the following:

     

    ‘(e) Point of Order in the Senate-

     

‘SEC. 317. CERTAIN MANDATORY SPENDING LIMITS.

    • ‘(1) Social Security, function 650.

       

      ‘(2) Medicare, function 570.

       

      ‘(3) Veterans Benefits and Services, function 700.

       

      ‘(4) Net Interest, function 900.

       

      ‘(1) For fiscal year 2012, $701,640,000,000 in budget authority.

       

      ‘(2) For fiscal year 2013, $648,701,000,000 in budget authority.

       

      ‘(3) For fiscal year 2014, $580,743,000,000 in budget authority.

       

      ‘(4) For fiscal year 2015, $575,423,000,000 in budget authority.

       

      ‘(5) For fiscal year 2016, $574,072,000,000 in budget authority.

       

      ‘(6) For fiscal year 2017, $568,519,000,000 in budget authority.

       

      ‘(7) For fiscal year 2018, $558,645,000,000 in budget authority.

       

      ‘(8) For fiscal year 2019, $558,869,000,000 in budget authority.

       

      ‘(9) For fiscal year 2020, $566,867,000,000 in budget authority.

       

      ‘(10) For fiscal year 2021, $588,162,000,000 in budget authority.

       

      ‘(1) WAIVER- The provisions of this section shall be waived or suspended in the Senate only by the affirmative vote of two-thirds of the Members, duly chosen and sworn.

       

      ‘(2) APPEAL- Appeals in the Senate from decisions of the Chair relating to any provision of this section shall be limited to one hour, to be equally divided between, and controlled by, the appellant and the manager of the measure. An affirmative vote of two-thirds of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.

       

  • ‘(a) In General- It shall not be in order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause total on-budget mandatory spending, except as excluded in subsection (b), to exceed the limits specified in subsection (c).

     

    ‘(b) Exempt From Specified Limits- The mandatory components of the following functions are exempt from the limits specified in subsection (c):

     

    ‘(c) Limits on Remaining Mandatory Spending- The total combined budget authority for all mandatory spending not exempted in subsection (b) shall not exceed the following limits:

     

    ‘(d) Point of Order in the Senate-

     

‘SEC. 318. LIMITS FOR SOCIAL SECURITY.

      • ‘(A) For fiscal year 2012, total outlays shall be $760,356,000,000.

         

        ‘(B) For fiscal year 2013, total outlays shall be $798,614,000,000.

         

        ‘(C) For fiscal year 2014, total outlays shall be $841,440,000,000.

         

        ‘(D) For fiscal year 2015, total outlays shall be $887,837,000,000.

         

        ‘(E) For fiscal year 2016, total outlays shall be $938,547,000,000.

         

        ‘(F) For fiscal year 2017, total outlays shall be $995,325,000,000.

         

        ‘(G) For fiscal year 2018, total outlays shall be $1,057,552,000,000.

         

        ‘(H) For fiscal year 2019, total outlays shall be $1,123,629,000,000.

         

        ‘(I) For fiscal year 2020, total outlays shall be $1,193,747,000,000.

         

        ‘(J) For fiscal year 2021, total outlays shall be $1,265,566,000,000.

         

    • ‘(1) IN GENERAL- For purposes of this section the limits are as follows:

       

      ‘(2) EXCEPTION- If the Congressional Budget Office determines that projected outlays are expected to exceed the limits specified above due to changes in cost-of-living adjustments contained in present law subsection (c) shall not apply.

       

      ‘(1) WAIVER- The provisions of this section shall be waived or suspended in the Senate only by the affirmative vote of two-thirds of the Members, duly chosen and sworn.

       

      ‘(2) APPEAL- Appeals in the Senate from decisions of the Chair relating to any provision of this section shall be limited to one hour, to be equally divided between, and controlled by, the appellant and the manager of the measure. An affirmative vote of two-thirds of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.

       

  • ‘(a) In General- It shall not be in order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause total mandatory spending for Social Security (function 650) to exceed the limits specified in subsection (b).

     

    ‘(b) Limits-

     

    ‘(c) Point of Order in the Senate-

     

‘SEC. 319. LIMITS FOR MEDICARE.

    • ‘(1) For fiscal year 2012, total outlays, excluding offsetting receipts, shall be $488,060,000,000.

       

      ‘(2) For fiscal year 2013, total outlays, excluding offsetting receipts, shall be $530,767,000,000.

       

      ‘(3) For fiscal year 2014, total outlays, excluding offsetting receipts, shall be $560,744,000,000.

       

      ‘(4) For fiscal year 2015, total outlays, excluding offsetting receipts, shall be $585,256,000,000.

       

      ‘(5) For fiscal year 2016, total outlays, excluding offsetting receipts, shall be $634,769,000,000.

       

      ‘(6) For fiscal year 2017, total outlays, excluding offsetting receipts, shall be $657,799,000,000.

       

      ‘(7) For fiscal year 2018, total outlays, excluding offsetting receipts, shall be $682,951,000,000.

       

      ‘(8) For fiscal year 2019, total outlays, excluding offsetting receipts, shall be $745,186,000,000.

       

      ‘(9) For fiscal year 2020, total outlays, excluding offsetting receipts, shall be $800,853,000,000.

       

      ‘(10) For fiscal year 2021, total outlays, excluding offsetting receipts, shall be $858,830,000,000.

       

      ‘(1) WAIVER- The provisions of this section shall be waived or suspended in the Senate only by the affirmative vote of two-thirds of the Members, duly chosen and sworn.

       

      ‘(2) APPEAL- Appeals in the Senate from decisions of the Chair relating to any provision of this section shall be limited to one hour, to be equally divided between, and controlled by, the appellant and the manager of the measure. An affirmative vote of two-thirds of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.

       

  • ‘(a) In General- It shall not be in order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause total mandatory spending for Medicare (function 570) to exceed the limits specified in subsection (b).

     

    ‘(b) Limits- For purposes of this section the limits are as follows:

     

    ‘(c) Point of Order in the Senate-

     

‘SEC. 320. LIMITS FOR MANDATORY FUNCTION 700 SPENDING.

    • ‘(1) For fiscal year 2012, total outlays shall not exceed $69,400,000,000.

       

      ‘(2) For fiscal year 2013, total outlays shall not exceed $69,400,000,000.

       

      ‘(3) For fiscal year 2014, total outlays shall not exceed $71,350,000,000.

       

      ‘(4) For fiscal year 2015, total outlays shall not exceed $73,300,000,000.

       

      ‘(5) For fiscal year 2016, total outlays shall not exceed $80,500,000,000.

       

      ‘(6) For fiscal year 2017, total outlays shall not exceed $77,310,000,000.

       

      ‘(7) For fiscal year 2018, total outlays shall not exceed $74,250,000,000.

       

      ‘(8) For fiscal year 2019, total outlays shall not exceed $81,600,000,000.

       

      ‘(9) For fiscal year 2020, total outlays shall not exceed $83,830,000,000.

       

      ‘(10) For fiscal year 2021, total outlays shall not exceed $86,100,000,000.

       

      ‘(1) WAIVER- The provisions of this section shall be waived or suspended in the Senate only by the affirmative vote of two-thirds of the Members, duly chosen and sworn.

       

      ‘(2) APPEAL- Appeals in the Senate from decisions of the Chair relating to any provision of this section shall be limited to one hour, to be equally divided between, and controlled by, the appellant and the manager of the measure. An affirmative vote of two-thirds of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section.’.

       

  • ‘(a) In General- It shall not be in order in the House of Representatives or the Senate to consider any bill, joint resolution, amendment, or conference report that includes any provision that would cause total mandatory spending for Veterans Benefits and Services (function 700) to exceed the limits specified in subsection (b).

     

    ‘(b) Limits- For purposes of this section the limits are as follows:

     

    ‘(c) Point of Order in the Senate-

     

SEC. 203. STATUTORY ENFORCEMENT OF SPENDING CAPS THROUGH SEQUESTRATION.

    The Balanced Budget and Emergency Deficit Control Act of 1985 is amended by inserting after section 253 the following:

     

‘SEC. 253A. ENFORCEMENT OF DISCRETIONARY AND MANDATORY CAPS.

    • ‘(1) REPORT- Not later than 30 calendar days following the start of each fiscal year, the Office of Management and Budget shall make publicly available and cause to be printed in the Federal Register an annual report containing expected budget authority and outlays for the categories and limits established in sections 316 through 320 of the Congressional Budget Act of 1974. The limits established in such sections shall be enforced without regard to the waiver of such limits by either House.

       

      ‘(2) ORDER- If the annual report issued by OMB, as required by paragraph (1), shows any category exceeding specified spending caps, OMB shall prepare and the President shall issue and include in that report a sequestration order that, upon issuance, shall reduce budgetary resources by an amount sufficient to bring spending in line with that category’s statutory cap.

       

      ‘(3) EFFECTIVE DATE- The sequestration order shall take effect no later than 60 days after completion by the OMB.

       

      • ‘(A) For the discretionary limits in section 316 of the Congressional Budget Act of 1974, pursuant to the section 251 with each category sequestered separately.

         

        ‘(B) For the mandatory limits in section 317 of the Congressional Budget Act of 1974, pursuant to the Statutory Pay-As-You-Go Act of 2010, except that section 7 of such Act shall not apply.

         

        ‘(C) For the Social Security limits in section 318 of the Congressional Budget Act of 1974, the Social Security Administration shall modify the program so that all benefits and administrative expenses are reduced in a uniform fashion by a percentage sufficient to allow the program to operate under its cap.

         

        ‘(D) For the Medicare limit in section 319 of the Congressional Budget Act of 1974, the Centers for Medicare & Medicaid Services (CMS) shall modify the program so that all outlays are reduced by a uniform percentage sufficient to bring the program under its cap.

         

        ‘(E) For the Veterans Benefits and Services limit in section 320 of the Congressional Budget Act of 1974, the Secretary of Defense and the Secretary of Veterans Affairs shall modify the program so that the program operates under its spending cap.

         

    • ‘(1) IN GENERAL- OMB shall calculate the uniform percentage each program within a category that has exceeded its spending cap shall be reduced to bring that category’s budget authority and/or outlays in line with the limits referred to in subsection (a)(1).

       

      ‘(2) IMPLEMENTATION- The sequesters shall be implemented as follows:

       

      ‘(1) IN GENERAL- At any time after the Director of OMB issues a sequestration report, Congress may override the order through the passage of a law that either waves or supersedes the spending limitations for that category of federal spending for that fiscal year.

       

      ‘(2) SENATE- In the Senate, any motion to move to consideration of a bill to waive, modify, or in any way alter a sequestration order shall be subject to a point of order that can only be waived through an affirmative vote of two-thirds of the Members, duly chosen and sworn. This point of order shall not apply to defense spending while the nation is engaged in a conflict which has been justified through a declaration of war or a Congressional authorization of force.’.

       

  • ‘(a) Annual Report and Sequestration Order-

     

    ‘(b) Calculating a Sequestration-

     

    ‘(c) Modification of Presidential Order-

     

TITLE III–BALANCE

 

SEC. 301. REQUIREMENT THAT BBA BE SUBMITTED TO STATES.

    (a) In General- The Secretary of the Treasury shall not exercise the additional borrowing authority under subsection (b) ofsection 3101 of title 31, United States Code until the date that the Archivist of the United States transmits to the States S.J. Res. 10 as introduced on March 31, 2011, a balanced budget amendment to the Constitution, or a similar amendment provided it requires that total outlays not exceed total receipts, that contains a spending limitation as a percentage of GDP, and requires that tax increases be approved by a super-majority vote in both houses of Congress, for their ratification.

     

    (b) Amendment to Title 31- Effective on the date that the Archivist of the United States transmits to the States S.J. Res. 10, a balanced budget amendment to the Constitution, or a similar amendment provided it requires that total outlays not exceed total receipts, that contains a spending limitation as a percentage of GDP, and requires that tax increases be approved by a super-majority vote in both houses of Congress, for their ratification, subsection (b) of section 3101 of title 31, United States Code, is amended by striking the dollar limitation contained in such subsection and inserting $16,700,000,000,000.

     

Calendar No. 97

 

112th CONGRESS

 

1st Session

 

S. 1340

 

A BILL

 

To cut, cap, and balance the Federal budget.