Senator Bob Corker, R-Tn., an original co-sponsor of S.1340, the Cut, Cap, and Balance Act of 2011 introduced last week by Senator Mike Lee, R-Utah, today applauded the House Republican leadership for announcing they will vote on their version of the Cut, Cap, and Balance Act next week as a solution to the U.S. hitting the debt limit.
“The Senate legislation puts on paper what I’ve been pushing from day one of the 112th Congress: we need spending cuts now, a long-term plan like the CAP Act to put a fiscal straitjacket on Congress, and a constitutional amendment to keep Congress from falling off the wagon as it relates to over-spending,” Senator Corker said.
“Now, more than 807 days since the Senate passed a budget, we cannot let this government spend another dime until we put enforceable limits on all future spending in a way that encourages economic growth and demonstrates to the American people and the world that we will get our debt and deficits under control.”
The Cut, Cap, and Balance Act, S.1340, would dramatically reduce federal spending as a share of the economy over the next decade by setting enforceable limits on all annual federal spending similar to the Corker CAP Act. It would significantly reduce non-defense discretionary spending in 2012 and require passage of a balanced budget amendment to the Constitution, which Senator Corker and all Senate Republicans have supported separately in S.J. Res 10.