Idaho Senators Mike Crapo and Jim Risch, both co-sponsors of the Cut, Cap, and Balance legislation, said they will support the legislation when it comes before the U.S. Senate.
"We are borrowing $4 billion every day to pay down the debt and 40-cents of every dollar that is spent by Congress goes to paying down the debt," Crapo said. "It is high time we join with the House and approve a plan that cuts the deficit, reduces spending and applies a permanent solution to deficit spending with a balanced budget amendment."
Risch said,"Time and again the federal government has demonstrated it is not capable of living within its financial means. This legislation would force Congress to balance the budget, work at creating jobs and will help save America from the debt crisis we are facing."
The Cut, Cap and Balance Act would reduce the size of the nation's deficit through three measures:
* Immediate Cuts -- It cuts discretionary spending for fiscal year 2012 at $30 billion below the current spending levels.
* Long Term Caps -- It caps annual federal spending at 19.9% of U.S. gross domestic product by 2021 which would force sharp spending cutbacks in coming years.
* Balanced Budget -- It allows for an increase in the debt limit only after both the House and the Senate have passed a balanced budget amendment to the Constitution and sent it to the 50 states.
The bill was approved by the U.S. House of Representatives today by a vote of 234-190. A vote is now scheduled in the Senate for Saturday.