H.R. 2560, the “Cut, Cap, and Balance Act of 2011” aims to cut federal spending to pre-2008 levels, cap spending permanently to an eventual 19.9 percent of gross domestic product, and to require an constitutionally guaranteed annual balanced budget. It also requires a two-thirds majority to raise taxes.
The bill would in annual steps reduce the level of federal spending from 23 percent of GDP in fiscal year 2012 to 19.9 percent of GDP in fiscal 2021 and beyond. It will also cut $111 billion from the fiscal 2012 budget. Of that $111 billion, $76 billion would be cut from non-security-related discretionary spending (programs whose funding levels can be set through congressional appropriations), bringing that category of spending below 2008 levels, and $35 billion will be cut from mandatory spending (programs whose funding is legally determined by the number of people eligible to receive a benefit or service) other than programs for veterans, Medicare, and Social Security. The defense budget would not be reduced below President Obama’s fiscal 2012 funding request
...247 organizations who sent a letter to every member of Congress and who believe that “a balanced budget constitutional amendment would damage the economy, not strengthen it.” The bill also would “require supermajority votes in the House and Senate to increase the debt limit, waive the balanced budget requirement – or to raise any taxes, including closing the most egregious tax loopholes.”
Finally, the White House believes “H.R. 2560 sets out a false and unacceptable choice between the Federal Government defaulting on its obligations now or, alternatively, passing a Balanced Budget Amendment that, in the years ahead, will likely leave the Nation unable to meet its core commitment of ensuring dignity in retirement."
The House passed the bill by a vote of 234-190 along mostly party lines. Five Democrats joined 229 Republicans in voting in favor of the bill, while nine Republicans joined 181 Democrats in voting against it. The bill is expected to be rejected by the Democratically-controlled Senate, and President Obama has threatened to veto the legislation if it makes it to his desk.
(H.R. 2560) Cut, Cap and Balance Act of 2011 | TheMiddleClass.org
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