U.S. House Republicans are strategizing how to get a debt deal done in short order and avoid any potential loss in the U.S. credit rating. House leaders are scheduled to vote on legislation Tuesday to “cut, cap and balance” the budget.
The legislation is largely based on the “cut, cap, and balance” pledge introduced in the Senate by Republican senators Mike Lee of Utah and South Carolina’s Jim DeMint. The measure aims to reduce federal spending, impose spending caps over the next decade and require the eventual passage of a balanced-budget amendment to raise the debt ceiling.
Fifth District Congressman Mick Mulvaney is a staunch supporter of the measure. Appearing on Columbia affiliate WVOC Monday, Mulvaney sees the bill as being more effective than the measure unveiled last week by Senate Republican Leader Mitch McConnell of Kentucky.
The “cut, cap and balance” plan would immediately cut federal spending back to 2008 levels and cap future federal spending at 18 percent of the nation’s Gross Domestic Product.
Mulvaney does not deny that the legislation is politically advantageous for conservative Republicans, but he says it more importantly it sends the strong message that it is time for the federal government to change its ways and get its fiscal house in order. He strongly believes that the legislation will pass the Republican-controlled House.
Mulvaney says earlier conversations with Senator DeMint have given him optimism that the time is right for the measure to pass the Democratic-controlled Senate. Mulvaney says the support of South Carolina Senator Lindsey Graham will help with moderate GOP members of the Senate.
The White House has pushed back hard against the significant domestic spending cuts that would be required in the “cut, cap and balance” plan. Monday, White House Communications Director Dan Pfeiffer called the Cut, Cap, Balance Act “Ryan’s plan on steroids.”
Audio courtesy WVOC Columbia