Lee Introduces Cut, Cap, and Balance Act

Press Release

Today, Senator Mike Lee, along with nearly two dozen cosponsors, introduced the Cut, Cap, and Balance Act of 2011, legislation that would significantly reduce spending, impose spending caps over the next decade, and require the passage of a balanced budget amendment before Congress could raise the debt ceiling.

The bill's three major components include:

CUT -- Immediately reduces FY 2012 spending by $142 billion

CAP -- Divides federal outlays into six categories and imposes a separate spending cap on each one from 2012 to 2021

BALANCE -- Requires the passage of the Hatch-Lee Balanced Budget Amendment (or some other similarly effective amendment) before Congress can raise the nation's debt limit.

Joining Senator Lee on the bill are Sens. Pat Toomey (PA), Orrin Hatch (UT), Rand Paul (KY), Roy Blunt (MO), Jim DeMint (SC), John Thune (SD), Tom Coburn (OK), Bob Corker (TN), Ron Johnson (WI), David Vitter (LA), Pat Roberts (KS), John Barrasso (WY), Kelly Ayotte (NH), Johnny Isakson (GA), Marco Rubio (FL), John Boozman (AR), and Rob Portman (OH).

"There is nothing more important than addressing the nation's debt crisis," said Senator Lee. "To fix it, we need to cut spending now, limit future spending, and pass a balanced budget amendment to the Constitution that forces subsequent Congresses to spend no more than the federal government takes in.

"We are at a critical turning point in this nation's history. This Congress this year must do the right thing to put the nation on a path to fiscal sustainability. Without Cut, Cap, and Balance, the federal government will continue to rack up debt risking the country's economic collapse. We have an obligation to not let that happen."

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