RSC Update: End The Debt Addiction - Cut, Cap, & Balance

From the Chairman

In finance, the term “underwater” means you owe more money on something than it’s actually worth.  It’s a phrase that many Americans have sadly come to know all-too-well in the wake of the housing bubble, but they may soon hear it in another context.  By the end of the year, our national debt will be bigger than our Gross Domestic Product.  

The only way to permanently end this debt addiction is through a Constitutional amendment to balance the budget.  Pair that with immediate cuts and caps strong enough to keep spending down until the states ratify the Balanced Budget Amendment, and you’ve got a solution that can actually fix the problem.  As far as I’m concerned, it’s the only solution worth mentioning.

As I promised when taking the Cut, Cap, and Balance Pledge, I will not consider letting Washington borrow another dime unless the House and Senate have passed a Balanced Budget Amendment. The House is scheduled to vote on a Balanced Budget Amendment during the week of July 25, and Senator Mitch McConnell says he’ll attempt to force a Senate vote the week of July 18.  Tinkering around the edges will not keep the U.S. out of bankruptcy. We need bold, historic changes, and we need them soon.