McKinley Co-Sponsors Cut, Cap, and Balance Act of 201107/15/11
McKinley Co-Sponsors Cut, Cap, and Balance Act of 2011
Set for a vote in the House on Tuesday
Washington, D.C. – Rep. David B. McKinley, P.E. (R-WV) announced Friday he is co-sponsoring the Cut, Cap, and Balance Act of 2011, which will be voted upon by the House on Tuesday. This legislation, introduced by Reps. Jason Chaffetz (R-UT), Mick Mulvaney (R-SC), and Reid Ribble (R-WI), would make an immediate, real cut of $111 billion in federal spending, place a cap on future spending at 19.9% of the Gross Domestic Product, and require the passage of a Balanced Budget Amendment before raising the nation’s debt limit.
The plan makes no cuts or changes to veterans’ benefits, Social Security or Medicare.
“As the August 2nd deadline creeps closer by the minute, I am proud to co-sponsor a plan that lays out a clear and responsible vision for solving our debt limit crisis,” said McKinley.
“There is no greater threat to our economy and West Virginia jobs than a federal government on pace to collapse under the weight of its own debt. This plan would finally enact the kind of structural reforms needed to ensure our nation spends within its means, thereby improving our credit-worthiness, encouraging investment in our economy and creating jobs.
“As congressional leadership and President Obama continue to negotiate, I understand that the entirety of the plan I most strongly support – Cut, Cap and Balance – may not be approved by a divided government. But it is important that fiscal conservatives in Congress lay down this marker, demonstrate what we are for, and send a message to the president and the Senate that the time for political theater is over. It is time to get serious and solve the problem. The Cut, Cap, and Balance Act is the best way to right our fiscal ship.”