“Cut, Cap, and Balance Act” is a More Extreme Version of Republican Budget Resolution
The country is headed towards a fiscal crisis if Congress does not raise the debt ceiling before the August 2 deadline. Instead of taking constructive steps towards a resolution, tomorrow House Republicans are bringing to the floor their “Cut, Cap, and Balance Act of 2011,” which is merely another attempt to enact the policies embedded in their budget resolution – to end the Medicare guarantee while continuing tax breaks for special interests and the wealthy. But this bill (H.R. 2560) is even more extreme than the Republican budget because it also mandates that both chambers of Congress approve a Constitutional amendment imposing a stringent and specific type of “balanced budget” requirement before the debt limit can be raised. Clearly, this bill is a statement of political philosophy and not a solution.