103 House Republicans sent a letter to House Republican leadership calling for a solution that could resolve the current debt limit impasse and prevent the bigger, Greece-like debt crisis just over the horizon: Cut, Cap, and Balance.
1. Cut – We must make discretionary and mandatory spending reductions that would cut the deficit in half next year.
2. Cap – We need statutory, enforceable caps to align federal spending with average revenues at 18% of Gross Domestic Product (GDP), with automatic spending reductions if the caps are breached.
3. Balance – We must send to the states a Balanced Budget Amendment (BBA) with strong protections against federal tax increases and a Spending Limitation Amendment (SLA) that aligns spending with average revenues as described above.
With each passing day our nation’s fiscal health gets worse, leaving our children and grandchildren falling further into debt. Democrats seem to have given up, proposing even more borrowing in response to our massive debt addiction. With the problem growing larger every day, we must move quickly and unite behind a plan to cut spending and get our budget into balance.