Jordan: Reject $2.4 Trillion Debt Limit Increase

The House is expected to vote today on a bill to raise federal government's legal debt limit by $2.4 trillion.  Rep. Jim Jordan (R- Urbana), Chairman of the  Republican Study Committee, released the following statement rejecting this blank check approach and calling for the adoption of the RSC's "Cut, Cap, and Balance" plan.

"The blank check debt limit increase supported by President Obama and his fellow Democrats would send our great country into an economic death spiral.  We cannot continue down this same reckless path of borrowing and spending like there is no tomorrow.  I urge all House members to reject this bill and support the RSC plan to cut next year's deficit in half, cap spending in line with average revenues, and send a strong Balanced Budget Amendment to the states for ratification.  ‘Cut, Cap and Balance' is the only plan on the table that will fend off the coming debt crisis and restore America's leadership role in the world.  The world is a safer place when America leads, but you cannot lead the world when you're going broke."

NOTE: The RSC's "Cut, Cap, and Balance" solution to the debt limit impasse would require enactment of the following three conditions:

• Cut – Spending reductions of about $380 billion that would cut Washington's $1.4 trillion deficit in half next year.
• Cap – Statutory spending caps that align spending with average revenues by ratcheting total spending down to 18% of GDP.
• Balance – House and Senate passage of a Balanced Budget Amendment to the Constitution that includes a spending cap at 18% of GDP and a high hurdle for tax increases.