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For months, Washington has been awash in debate over how to raise the debt limit before August 2.
Weeks ago, in an effort to overcome the polarizing issue, Congressional leaders from the House and Senate traveled to the White House to meet with the President and negotiate a deal to raise the debt ceiling without increasing taxes – their efforts were unsuccessful.
With the August 2 deadline rapidly approaching, House Republicans decided to stop waiting around for the President, and to talk action into their own hands.
Today,the House will vote on H.R. 2560, the Cut, Cap, and Balance Act.
As a cosponsor, I plan to vote in favor of this legislation.
Full Bill text
GOP.gov Summary
-Mike
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H.R. 2560 THE CUT, CAP, AND BALANCE ACT (background):
It enshrines the 2012 spending levels put forth in the 2012 House Budget into law, requiring that the Senate to pass spending bills in line with the House’s spending bills.
It caps Federal Spending as a percentage of GDP over the next ten years. It gradually reduces spending from 25.5% of GDP in 2012 to 19.9% of GDP in 2019, 2020, and 2012.
It authorizes a $2.4 trillion increase in the Debt Ceiling, once both chambers of Congress have passed and sent a Balanced Budget Amendment to the States for ratification. This BBA must have the following three components:
A Balanced Budget Requirement
A two-thirds vote in both Houses to raise taxes
A limit on federal spending as a percentage of GDP
Neither the size of the supermajority or the percentage of GDP the federal budget will be limited to is specified in the legislation, but the debt ceiling would only be raised under this bill if the BBA that passed both Houses has those three provisions in it.
Both of the Balanced Budget Amendments that the Congressman has cosponsored (H.J.Res.1 and H.J.Res.56 meet the requirements needed to raise the debt ceiling under the Cut, Cap, and Balance Act.)
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DEBT CHALLENGE
What is the gap between revenue and spending called?
ANSWER: Deficit
NOTE: The U.S. government to in nearly $7000 in revenue for every man woman and child last year and it spent more than $11,000 per person - that means government borrowed and spent around $4,000 per person it did not have.
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UPDATE: House of Representatives 2011 Calendar
2011 Congressional Calendar - Week of July 18, 2011
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DID YOU KNOW:
The Constitution of the United States was drafted in fewer than 100 working days
Current U.S. Debt: $14,343,021,925,343.11 (US Treasury 7.7.11)
A BILLION
A billion seconds ago: it was 1976.
A billion minutes ago: Jesus was alive.
A billion hours ago: our ancestors were living in the Stone Age
A billion hours is : about 114,155.25 years
A billion days ago: no one walked on the earth on two feet
A billion inches is:15,783 miles, more than halfway around the earth
A billion dollars of US debt ($1 a second):31 years, 259 days, 1 hour, 46 minutes, and 40 seconds to pay