WASHINGTON – Today, Senator Mike Lee announced his support for a plan that would fundamentally change the way the federal government spends taxpayer money. Known as “Cut, Cap, and Balance,” the proposal seeks to significantly reduce the annual deficit, place a statutory cap on federal spending at 18% of GDP, and pass the Hatch-Lee Balanced Budget Amendment out of both houses of Congress, all before allowing a vote on raising the nation’s debt ceiling.
“Cut, Cap, and Balance is the single most significant reform package Congress has seen in decades,” said Senator Lee. “It forces Washington to balance its books with strict, enforceable fiscal restraints and will cut spending significantly and immediately to improve our economy and create jobs.”
Earlier in the week, Senator Lee became the first Member of Congress to sign the Cut, Cap, Balance Pledge, which was announced at a press conference today. The pledge signifies a commitment to passing all three provisions of the plan before a vote to increase the nation’s debt ceiling takes place.
“We cannot continue to rack up debt without first addressing the underlying problems that cause Washington to overspend,” Lee added. “Supporters of the pledge are saying we want to fix the problem before it gets any worse. Opponents believe we can keep piling up debt and just hope Washington changes on its own. We owe future generations more than that and have a responsibility to do the right thing for them today.”