John Kline Cosponsors "Cut, Cap and Balance' Proposal

Press Release

Congressman John Kline is co-sponsoring the "Cut, Cap and Balance Act," commonsense legislation that will institute substantial cuts in spending, implement spending controls going forward, and require Congress to pass a Constitutional Balanced Budget Amendment before increasing the debt limit.

"We must maintain the full faith and credit of the United States, but it would be irresponsible to unconditionally raise the federal debt limit," said Congressman Kline. "America is at an impasse, and it's time for Washington to do what is right. The Cut, Cap and Balance legislation is a significant step toward ending runaway spending and unsustainable debt."

Because of Washington's addiction to wasteful spending, Congress has surpassed its current debt limit of $14.3 trillion. Accordingly, U.S. Secretary of Treasury Timothy Geithner has warned Congress it must extend our current debt limit by Aug. 2 to "avoid default." When businesses are threatened by higher taxes, inflation, and borrowing costs, they take fewer risks and create fewer jobs. By cutting spending and balancing the budget, the Cut, Cap and Balance approach would alleviate fears and help put the private sector back on offense.

This three part legislation (H.R. 2560) includes:

* Cutting: Substantial cuts in spending that will reduce the deficit next year and thereafter.
* Capping: Enforceable spending caps that will put federal spending on a path to a balanced budget.
* Balancing: Congressional passage of a Balanced Budget Amendment to the U.S. Constitution that includes a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.

The Cut, Cap and Balance legislation will be voted on in the House of Representatives on Tuesday. Earlier today, President Obama indicated he would veto the proposal. "I am disappointed -- but not wholly unsurprised -- to learn the president has threatened to veto the Cut, Cap and Balance Act," said Kline. "This administration simply refuses to acknowledge the severity of our nation's debt crisis. I urge the president to stop playing politics with the economic stability of this country, and join my Republican colleagues in supporting a real plan to put our country back on the path to prosperity."

In his fifth term in Congress, Congressman Kline is the Chairman of the Education and the Workforce Committee. He also serves on the House Armed Services Committee.

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