POLITICS

Debt Crisis: Senate Majority Leader Brings HR 2560, "The Cut, Cap and Balance Act of 2011" to
Senate Floor Thursday

July 20, 2011

7:29 pm, Central

Diane W. Collins

dcollins@marketingweb.com

Senate Majority Leader, Harry Reid (D-NV)

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

At 6:46 pm, ET today, Senate Majority Leader, Harry Reid (D-NV) announced HR 2560, "The Cut, Cap and Balance Act of 2011" would be brought to the Senate floor for debate on Thursday with a vote most likely to take place Saturday morning. The amount of time for debate will be equally divided between the two parties as is customary, however, the amount of time allotted to the debate is yet to be determined by the Majority Leader.

This is a victory for House and Senate Conservatives who have fought long and hard for debt and deficit reform. House Republican Leader, Eric Cantor (R-VA) and House Speaker John Boehner (R-OH) have held the line refusing to bring increased revenue into the debt-ceiling discussions. Their support helped ensure The Cut, Cap and Balance Act of 2011 came to the House floor and received a successful vote of 234 to 190.

Along with Conservatives like Rep. Jason Chaffetz who co-sponsored the bill in the House and "The Gang of 234," Republican leadership has been able to force a vote on the Senate floor. This in spite of the threat of a presidential veto; the newly presented "light on details" plan of The Gang of Six; and the "McConnell Plus" final option being co-authored by Reid and McConnell...

The Cut, Cap and Balance Act of 2011 is the only viable plan the United States has to save our credit rating and raise the debt ceiling responsibly before August 2nd... Treasury Secretary Geithner's self-imposed [X-Date.] While HR 2560 increases the debt limit by $2.4T, it also cuts 2012 spending by $111B; caps spending on a sliding scale from 21.7% of GDP in 2013 to 19.9% in 2021; and calls for a balanced budget amendment to be passed by a two-third majority in Congress and ratified by the states. How can Americans think Obama is serious about the debt and deficit if he vetos this bill?

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POLITICS

Debt Crisis: Senate Majority Leader Brings HR 2560, "The Cut, Cap and Balance Act of 2011" to Senate Floor Thursday

Further Reading:

Debt Crisis: Senate Majority Leader Brings HR 2560, "The Cut, Cap and Balance Act of 2011" to
Senate Floor Thursday