From the Chairman
Two weeks ago, the federal government bumped up against its legal borrowing limit of $14.292 trillion. To President Obama and many other Democrats, that just means it’s time to raise the debt ceiling, with no strings attached. So this afternoon, the House will vote on a bill that would up the legal debt limit by $2.4 trillion without making a single spending cut. Republicans will vote against this bill, and it will not pass.
However, this vote will prove to Democrats once and for all that the debt limit cannot be raised without major spending cuts.
There is only one plan on the table that will force the spending cuts needed to fend off the coming debt crisis. It’s called “Cut, Cap, and Balance.” This three-pronged approach would cut next year’s deficit in half, cap spending at 18% of GDP so it aligns with average revenues, and send a strong Balanced Budget Amendment to the states for ratification.
Washington must not be given another blank check, which would only accelerate the debt crisis that threatens our economy. Spending must be cut. If Democrats truly want to raise the debt limit, they should be prepared to “Cut, Cap, and Balance.”
God Bless,
Congressman Jim Jordan
Chairman, Republican Study Committee
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