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National Debt

CAPITOLWATCH SUPPORTS CUT, CAP, and BALANCE

  • July 19, 2011

     

    CAPITOLWATCH SUPPORTS CUT, CAP, and BALANCE
    Calls on Congress to Balance Our Budget and Live Within Our Means
     
    Washington, D.C. - Today, CapitolWatch called on Members of Congress to support legislation which would cut, cap and balance our national budget. The Cut, Cap and Balance Act of 2011 sponsored by Congressmen Jason Chaffetz (R-UT), Mick Mulvaney (R-SC), and Reid Ribble (R-WI) takes an important step towards our government living within its means.
     
    “Our 250,000 supporters nationwide are united in the fight for a smaller, more cost effective government. The first step is that our government spends within its means. At a time where every man, woman, and child in this country owes $46,000 towards the national debt – we must act,” said CapitolWatch Executive Director Steve Ralls.
     
    Specifically, this legislation cuts total spending by $111 billion in FY 2012. This is accomplished by reducing non-security discretionary spending below 2008 levels, saving $76 billion.  Cutting $35 billion of non-veterans, non-Medicare, non-Social Security mandatory spending and funds the Defense budget at President’s requested level. 
     
    To fight the creep in government growth, total federal spending is scaled back based on path for the fiscal years below:
     
    -          2012, 22.5% of GDP.
    -          2013, 21.7% of GDP.
    -          2014, 20.8% of GDP.
    -          2015, 20.2% of GDP.
    -          2016, 20.2% of GDP.
    -          2017, 20.0% of GDP.
    -          2018, 19.7% of GDP.
    -          2019, 19.9% of GDP.
    -          2020, 19.9% of GDP.
    -          2021, 19.9% of GDP.
     
    “Most importantly this bill requires the passage of a Balanced Budget Amendment before raising the nation’s debt limit. Our nation must have a plan for balancing the budget. So far, Members of Congress from both sides of the aisle have been unable to accomplish this task. The only way to ensure that it does happen is to make a balanced budget a Constitutional requirement,” added Ralls.
     
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