Congressman Steve Scalise today introduced H.R. 4262, the Control America's Purse-strings to Deliver a Better Tomorrow (CAP the DEBT) Act. Scalise's bill would require a two-thirds majority in both the U.S. House of Representatives and the U.S. Senate in order to increase the national debt ceiling. His bill also repeals the Gephardt rule which currently allows lawmakers to increase the federal debt ceiling as an attachment to other budget resolutions.
"We need to restore fiscal responsibility in Washington and put an end to this out-of-control spending and massive debt that's being dumped onto our children and grandchildren," Scalise said. "The first rule of holes states that when you find yourself in a hole, you stop digging! It is time that Speaker Pelosi and her liberal lieutenants stop their reckless spending and stop piling more debt onto future generations. At a time when American families are tightening their belts to deal with tough economic times, the tone-deaf liberals running Congress continue to destroy our economy with reckless spending and radical policies like a government takeover of health care and their cap and trade energy tax that are running millions of jobs out of our country. Our bill will hold Members of Congress accountable to the people and make it harder to raise the debt ceiling."
The national debt ceiling has been raised four times in the past two years. Earlier this week, the liberals running Congress proposed a $1.8 trillion increase to the national debt ceiling.
The CAP the DEBT Act currently has 44 co-sponsors. Scalise's bill has been endorsed by Americans for Tax Reform's Center for Fiscal Accountability and by the Council for Citizens Against Government Waste.
"Enough is enough This measure would force members to take a tough up or down vote on a debt limit increase and be held accountable for their decision," said Thomas Schatz, President of the Council for the Citizens Against Government Waste.
The CAP the DEBT Act, H.R. 4262, would do the following:
* Require a two-thirds majority in the House of Representatives and the Senate to authorize any increase in the U.S. national debt ceiling.
* Require a roll call vote on any proposal to raise the debt ceiling.
* Repeal the Gephardt Rule, which allows a debt ceiling increase to be included in a joint budget resolution without facing a direct vote.