With House Republicans planning to bring the “Cut, Cap and Balance” - a plan that would cut the deficit in half, cap spending at 18% of GDP and impose a Balanced Budget Amendment (BBA) - later today, President Barack Obama promised that he would veto it should it clear the Senate and come to his desk.
It’s hard to imagine that Obama would actually veto this plan should it pass, but the hurdle for “Cut, Cap and Balance” is the Senate. While Senate Majority Leader Harry Reid (D-NV), who promised yesterday to keep the chamber in session until the debt ceiling is raised, may allow it to come up for a vote, the numbers just aren’t there to push it through. Still, Republicans in the Senate - including Mike Lee (R-UT), who just put out a new book on the need for the BBA - are making the case for passage:
“Only by restricting its Constitutional authority to engage in deficit spending will you get Congress to stop doing it or at least stop doing it to the reckless degree it has been,” Lee said.
One of the brains behind the Cut, Cap, and Balance Act, Lee and his allies are pushing hard for Congress to adopt a balanced budget amendment, which would prevent Congress from spending more than it gets in revenue.
Lee says now is the best time to pass such a measure, because while America is close to the breaking point, the country is not there yet.