WASHINGTON, D.C. – Rep. Dan Burton (R-IN-05) issued the following statement after signing the “Cut, Cap, Balance Pledge” which promises to oppose any debt limit increase without substantial spending cuts for the upcoming year, caps on federal spending, and a strong Balanced Budget Amendment to the Constitution.
“The CBO’s recent economic forecast paints a very sobering picture of what the future holds for our Nation if Washington does not immediately cease spending money it doesn’t have! The CBO projects by the end of this year, the federal debt will reach roughly 70 percent of our gross domestic product (GDP) – the highest percentage since shortly after World War II by the year’s end; which is terrible news for our job seekers and job creators. Furthermore, with U.S. public debt set to reach 100 percent of GDP in 2021, time is beginning to work against us as we try to put our Nation back on course towards fiscal sanity."
“The time for action is now. That is why I have signed the “Cut, Cap, and Balance Pledge” which supports immediate and substantial spending cuts, enforceable spending caps and Congressional passage of a Balanced Budget Amendment to the Constitution. The American people are tired of games being played with their pocketbooks and their futures. These are the kinds of measures that must be taken to avert a complete debt crisis.”
Background:
The RSC’s “Cut, Cap, and Balance” proposal includes:
1. Immediate spending cuts to reduce the deficit by half next year. According to March projections from the Congressional Budget Office, this would require spending cuts of approximately $380 billion in the 2012 fiscal year.
2. Statutory, enforceable caps that bring spending into line with average revenues. These caps would ratchet total federal spending down to 18% of GDP over the course of 5-6 years.
3. House and Senate passage of a Balanced Budget Amendment to the Constitution that includes a spending cap at 18% of GDP and a supermajority requirement for tax increases. The House Judiciary Committee and all 47 GOP Senators have endorsed Balanced Budget Amendments along these lines.
View the PDF of the signed copy of the pledge.
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