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