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Foxx calls for “Cut, Cap, Balance” approach to debt, spending
Story Date: 6/9/2011
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Source: PRESS RELEASE, 6/8/11
Congresswoman Virginia Foxx (NC-05) signed a letter to House Speaker John Boehner this week along with 102 other Representatives that calls for a multi-faceted spending reduction plan to be included in negotiations over the national debt limit.
“The debt limit debate shouldn’t just be about whether or not to increase the federal credit line,” Foxx said. “This is a golden opportunity to get serious about reducing spending so that we won’t have keep raising the debt limit every year or so and sending the bill to future generations. That’s why I signed this letter to Speaker Boehner calling for a comprehensive spending reduction plan to put us on the path to a balanced budget.”
In the letter to Speaker Boehner (available here), Foxx and the cosigners call for a set of three spending cut solutions to tame the budget deficit:
1. Cut: enacting wide ranging spending cuts that reduce the budget deficit by half within a year
2. Cap: setting an enforceable cap on total federal spending as a percentage of the economy, where automatic spending reductions occur if the spending cap is breached.
3. Balance: sending a constitutional Balanced Budget Amendment with strong protections against tax increases to the 50 states for ratification.
“These three approaches to keep spending in check and get the budget balanced represent a strong dose of fiscal restraint,” Foxx said. “By including a 'cut, cap, balance’ strategy in the debt discussions we can put big-spenders on notice: we’re not going to live with the unchecked growth of big government anymore. It’s time to reduce spending and get serious about eliminating trillion dollar federal budget deficits.”
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