The fight we are going through with the President on the debt ceiling should not result in a one-year bandaid for our fiscal problems. This is an opportunity for Congress and the President to come together and create a serious, long-term solution to both our national debt and our spending problem.
Without an agreement before August 2nd we will have serious obligations the U.S. Treasury will not be able to pay. There is not enough money in the Treasury to pay our combat troops, pay veterans benefits, give Pell grants to students, pay IRS refunds and pay Social Security benefits. This will mean real disruptions in millions of people’s lives.
The House Republican Conference has a solution we will vote on next week that can be summed up in three words: cut, cap, and balance. This plan will immediately cut spending by $111 billion, cap spending for the future, and prohibit any additional vote on raising the debt ceiling again before a Balanced Budget Amendment to the Constitution is sent to all of the states for ratification.
Cut, Cap and Balance is supported by 167 national and local organizations including the American Conservative Union, Americans for Prosperity, the National Taxpayers Union and the Northeast Tarrant Tea Party.
Because the President has rejected every serious solution without tax increases, this is exactly what we have to do to make sure that all of our financial obligations are met while creating a serious, long-term solution to get our country back on track.