Friends,I don't get too enthused by the "cap" part of the pledge. You may remember the "binding" agreement Congress made several years ago to honor something called PAYGO, which was devised - believe it or not - to cap the growth of federal spending. To quote from here:
As you all know, the US is drowning in debt. We currently have a debt of over $14 Trillion! Over the last decade, our national debt has increased 150%. That is unacceptable and most importantly, unsustainable.
The US Treasury has indicated that we will reach our debt limit on August 2nd. President Obama and many lawmakers on Capitol Hill want to raise the debt ceiling again. We cannot allow this to happen. After all, what is the point in having a debt ceiling if you continue to raise the limit?
The time has come for Congress to make the bold decisions needed to deal with our budget problems. Washington can no longer continue to spend more than they take in revenues. It is time for Congress to man up and deal with these issues instead of kicking the can down the road for the next Congress and future generations.
This is why Tea Party Express has joined with 84 conservative organizations and 144 local tea party groups in support of a pledge to ‘Cut, Cap and Balance’. To cut alone is simply not enough. This pledge demands to:
1. Cut- Congressional passage of immediate and substantial cuts must be made to reign in our deficit in the short term;
2. Cap- Congressional passage of durable statutory spending caps must be passed that would reduce federal spending to its historic range of 18-20 percent of Gross Domestic Product (GDP); and
3. Balance- The House and Senate must send to the states for ratification a Balanced Budget Amendment to the Constitution that contains a spending limitation and a “super-majority” vote requirement in Congress for raising taxes.
Over the past 10 years, the debt ceiling has already been raised 10 times with agreements to raise the debt ceiling if federal government promises to get its house in order. Every year those promises are broken, but this year will be different; NO MORE business as usual!
American families have to cut back and balance their budgets on a regular basis. Why shouldn’t Washington be doing the same?
Without structural changes like a Balanced Budget Amendment, Washington will continue to spend, spend, spend and our children and grandchildren will be left to foot the bill.
The time has come to reign in this out of control spending spree that has become the culture of Washington, DC. The Cut Cap and Balance Pledge is a strong first step in that direction!
TAKE ACTION NOW and join Tea Party Express by signing the pledge to ‘Cut, Cap, and Balance’! Urge your Representatives and Senators to commit to the pledge too!
"The PAYGO compels new spending or tax changes not to add to the federal deficit. Under the PAYGO rules a new proposal must either be "budget neutral" or offset with savings derived from existing funds."
It was created in 1992. That worked out really great, didn't it?
Still, we need to straitjacket these crooks. And that is why we should give "Cut, Cap and Balance" a try. If it fails, or unless an alternative is formulated, we're doomed.