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Dear FreedomWorks member,
As one of our million-plus FreedomWorks members nationwide, I urge you to contact your Senators and Representative and ask them to co-sponsor the Cut, Cap, and Balance Act of 2011.
As of this writing, the bill has 31 Republican co-sponsors in the Senate and will soon be introduced in the House. The Cut, Cap, and Balance Act meets the criteria of the Cut, Cap, and Balance Pledge. It substantially cuts spending, creates enforceable spending caps, and requires congressional passage of a Balanced Budget Amendment to the U.S. Constitution that includes a spending limitation and a super-majority to raise taxes before the debt ceiling can be raised.
The debt held by the public has more than doubled in just the past five years. Interest paid on the national debt is expected to more than triple over the next ten years. Raising the debt ceiling without significant spending cuts is simply a tax increase on future generations. The federal government has hit the $14.292 trillion debt limit set in February 2010.
It’s no surprise then that Moody’s Investors Services has said the AAA rating of US government bonds is in jeopardy unless Congress passes “a budget that includes long-term deficit reduction.” The Cut Cap and Balance Act (CCB) not only does that, it requires it in perpetuity so we do not fact this problem again.
In short, CCB=AAA.
In a shocking admission, Democrat Hose Majority Leader Steny Hoyer (D-MD) admitted that the left opposes the Balanced Budget Amendment included in the CCB Act because it would make it “historically difficult to raise revenue or raise the debt ceiling.” Increasing taxes and debt without substantial, permanent reform is the clear path to a bond rating downgrade.
The Cut, Cap, and Balance Act is a long-term deficit reduction package that will ensure we get back on the path of fiscal sanity and are not downgraded from our AAA bond rating. Your Representative can contact Rep. Jim Jordan’s office to sign on the House version as an original co-sponsor if they act fast and your Senator should want to join the thirty-one Senators already signed on. I urge you to contact both your Senators and Representative and ask them to co-sponsor the Cut, Cap and Balance Act of 2011 today.
President and CEO
[Click here for a PDF version of this letter.]