I joined with 103 House Conservatives on a letter to House Republican leadership calling for a "Cut, Cap, and Balance" response to raising the debt limit. Our proposal calls for:
1. Immediate spending cuts to slash the deficit in 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 align spending with average revenues by ratcheting total federal spending down to 18�f GDP.
3. House and Senate passage of a Balanced Budget Amendment to the Constitution that includes a spending cap at 18�f GDP and a high hurdle for tax increases.
We have to get our debt under control without job-destroying taxes that would hurt our economy. By getting our spending down to historical, sustainable levels we can unleash our private sector economy.