POLITICS

Debt Crisis: Senate Debates HR 2560, "The Cut Cap and Balance Act of 2011"

July 21, 2011

10:29 am, Central

Diane W. Collins

dcollins@marketingweb.com

Senate Minority Leader, Mitch McConnell (R-KY)

HR 2560, The Cut, Cap and Balance Act of 2011

Today the Senate begins its debate of HR 2560, The Cut, Cap and Balance Act of 2011. Minority Leader Mitch McConnell, (R-KY) threw his support behind the bill this morning in opening remarks.

Shortly thereafter, Sen. Thune came to the floor calling for senators to stand behind and support the only viable plan that satisfies the requirements of the credit rating agencies threatening to downgrade the credit rating of the United States before Treasury Secretary Geithner's self-imposed [X-Date] of August 2nd.

Of course, the Democrats and the Left will continue to demagogue the bill. Sen. Kent Conrad (D-ND) came to the floor with that in mind. Sen. Conrad is the Chairman of the Senate Budget Committee and is part of the "Gang of Six" which "amazingly" produced a "plan" as soon as the House passed HR 2560. It is no surprise that his remarks would denigrate "The Cut, Cap and Balance Act of 2011." Conrad used scare tactics regarding Medicare and Social Security and quoted economists, some of whom worked for administrations that helped get us in this mess.

Immediately after Sen. Conrad's remarks, Sen. Kay Bailey Hutchison (R-TX) put her support behind Cut, Cap and Balance... (Previously, Sen. Bailey was reported to have supported the lightly outlined Gang of Six plan.) Sen. Hutchison's support is crucial to the credibility of The Cut, Cap and Balance Act of 2011 and portends well. She went on to mention "the nuggets" from each of the other proposals being developed to solve the debt and deficit crisis. She included some changes the Gang of Six proposal outlines such as tax cuts, spending cuts, and minor adjustments in COLA. Sen. Hutchison also said "McConnell Plus" has some value but she called for strong support of the Cut, Cap and Balance Act of 2011 citing the self-imposed [X-Date] of August 2nd Secretary Geithner has imposed on the country and the markets.

Following, Sen. Lamar Alexander (R-TN) came to the floor in support of Cut, Cap and Balance. It looks good for Republican Senators... but we need twenty Democrats in order to pass the bill. Use your persuasion. It's critical.

We will update this article as the debate on Cut, Cap and Balance proceeds through the Senate..

Contact: Representatives, Contact: Senators

POLITICS

Debt Crisis: Senate Debates HR 2560, "The Cut Cap and Balance Act of 2011"

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