Governor Nikki Haley today signed the Cut, Cap, Balance pledge. The pledge -- which Govs. Rick Perry (TX), Sean Parnell (AK) and Gary Herbert (UT) joined Gov. Haley in signing -- calls for significant spending cuts, a statutory spending cap, and a balanced budget amendment to the U.S. Constitution as minimum preconditions to raising the debt limit.
"Ending the fiscal chaos in Washington starts with real reform to the budgeting process," said Gov. Haley. "Instead of taking the easy way out and raising the debt limit, it's time for politicians to make the same tough decisions we're making in South Carolina. Not everyone will be happy, but it's the right thing to do for the long-term fiscal health of the country. And if Congress passes a balanced budget amendment, I will do everything I can to make sure South Carolina supports ratification."
Gov. Haley urged the country's 46 other governors to sign the pledge, which has already been signed by seven presidential candidates, 28 Congressmen, 12 U.S. Senators, and over 110,000 citizens. A copy of Gov. Haley's pledge is attached.
The pledge reads as follows:
I, Gov. Nikki R. Haley, pledge to oppose any debt limit increase unless all three of the following conditions have been met:
1. Cut - Substantial cuts in spending that will reduce the deficit next year and thereafter.
2. Cap - Enforceable spending caps that will put federal spending on a path to a balanced budget.
3. Balance - Congressional passage (not mere support) of a Balanced Budget Amendment to the U.S. Constitution -- but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.
If the above three-part balanced budget amendment is passed by Congress and sent to the states, I also pledge to do everything in my power to support ratification.