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Dear FreedomWorks member,
As one of our million-plus FreedomWorks members nationwide, I urge you to contact your representatives and ask them to vote YES on the Cut, Cap, and Balance Act of 2011. Introduced by Reps. Chaffetz (R-UT), Mulvaney (R-SC), and Ribble (R-WI), it would meet the criteria of the Cut, Cap, and Balance Pledge by cutting total spending for FY2012 by $111 billion; capping total federal spending; and requiring the passage of a Balanced Budget Amendment to the U.S. Constitution that includes a super-majority requirement to raise taxes and a limit on spending before the debt limit 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 face this problem again.
In short, CCB=AAA.
In a shocking admission, Democrat House 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.
I urge you to call your representatives and ask them to vote YES on the Cut, Cap, and Balance Act. We will count their vote as a KEY VOTE when calculating the FreedomWorks Economic Freedom Scorecard for 2011. The Economic Freedom Scorecard is used to determine eligibility for the Jefferson Award, which recognizes members of Congress with voting records that support economic freedom.
President and CEO
[See FreedomWorks' Key Vote notice in PDF format here]
[NOTE: The House is scheduled to vote on the CCB Act on Tuesday, July 19, 2011. The bill number is H.R.2560.]