The House passed by a margin of 234-190 H.R. 2560, also known as “Cut, Cap, Balance.” This bill provides President Obama with the debt limit increase that he requested under the following conditions: immediate spending cuts, spending caps to limit future spending growth, and a balanced budget amendment passed by both the House and Senate. Unless these conditions are met, the President’s debt limit is not raised. Next year’s cuts include no changes to veterans’ spending, Medicare, Social Security and defense.
“I am incredibly excited that my colleagues and I passed this consequential bill,” says Rep. Tim Huelskamp (R-KS). “Today marks the beginning of a new course for Washington in which fiscal responsibility and discipline retake center stage. ‘Cut, Cap, Balance’ is the only plan in Washington that recognizes and reorients the current reality that Washington is broke.
“As I discussed on the House floor today, this legislation is about promoting fiscal responsibility. It’s not about the next election, it’s about protecting the next generation from reckless spending and borrowing that threatens their access to the American Dream.”
Should the U.S. raise its debt ceiling above the current $14.3 trillion? That's this week's poll question at beefmagazine.com . Weigh in today.