News: Bipartisan Bill to Cut Spending on U.S Senate Floor

Briefing Capitol Hill, Washington D.C
February 01, 2011

Williams Ekanem

In what could best be referred to bipartisan at work, some members of both Republican and Democratic parties on Tuesday introduced a bill to force congress to cut spending over ten years.

The senators are Bob Corker  (R-Tenn), Claire McCaskill (D-Mo.).

Addressing Congressional reporters, Senator Corker said, “as we approach our debt limit of $14.29 trillion and more Americans, Republicans, Democrats and Independents, all call on Washington to get spending under control and reduce our deficit, I see no better time to change the course. What Senator McCaskill and I are offering is a legislative straight jacket, a way of forcing Congress to dramatically cut spending over 10 years. The beauty of the CAP Act is that it imposes fiscal discipline and smaller government, while incentivizing lawmakers to pass policies that promote economic growth.”

In her statement, McCaskill told the media that “at a time when many families have been forced to tighten their pocketbooks, Congress must also learn to do the same.”

According to her, “this bill is not just about cutting back this year or next year, it is about instilling permanent discipline to keep spending at a responsible level.”

Amongst others, the Commitment to American Prosperity Act (CAP) would put in place a 10-year glide path to cap all spending, discretionary and mandatory to a declining percentage of the country’s GDP, to the 40-year historical level of 20.6 per cent.

It would also for the first time, eliminate the deceptive, “off budget” distinction for Social Security, providing a complete and accurate assessment of all federal spending.