Sen. Rand Paul Announces Cut, Cap, and Balance Act of 2015

[Virgil]

WASHINGTON, D.C. – U.S. Senator Rand Paul today announced plans to introduce the Cut, Cap, and Balance Act of 2015 once the U.S. Senate is back in session next week. Building off of the Cut-Cap-Balance effort in 2011, this legislation would cut the 2016 deficit in half, cap spending going forward on a path to balance by 2021, and require Congress to pass a balanced budget amendment to the Constitution before raising the nation’s debt limit.

"Bold action is needed to address our nation’s debt crisis – our national debt currently stands at $18.4 trillion. We cannot keep piling debt on top of debt forever," Sen. Paul said.

Sen. Paul also plans next week to introduce the Default Prevention Act, which prevents a default whenever the United States has reached the national debt limit and prioritizes spending as revenue comes in.

Background information and top-line points can be found below.

http://www.paul.senate.gov/news/press/sen-rand-paul-announces-cut-cap-and-balance-act-of-2015

-virgil

[r3volution 3.0]

Awesome, Rand should go hog wild on fiscal conservatism right now.

[georgiaboy]

The savior of the "looming budget crisis" -- 'tis the season - BOO!!!

[Jan2017]

No debt limit increase until Congress passes a balanced budget amendment and sends it to the states for ratification, and prevent a default whenever the United States has reached the national debt limit by prioritizing spending as revenue comes in.

[georgiaboy]

It's like, Christmas in October. BUMP!!


The Cut, Cap, and Balance Act of 2015

Cuts the deficit in half this year.

$207 billion in cuts this year
Social Security, Medicare, military pay, veterans' benefits, and interest are not subject to the additional cuts
Caps spending going forward at a balanced level of 18%.

Provides a glide path to balance at 18% of Gross Domestic Product (GDP) in 5 years
Caps spending at 18% of GDP going forward
Balances the budget permanently though a balanced budget amendment.

No debt limit increase until Congress passes a balanced budget amendment and sends it to the states for ratification
The Default Prevention Act

Prevents a default whenever the United States has reached the national debt limit and prioritizes spending as revenue comes in.

Gives debt service, military pay, Social Security, and Medicare payments priority over other spending as revenue comes in.
Average monthly revenue is more than enough to cover these and other priorities.
Average monthly revenue is $271 billion
Average monthly spending on priority items is $158 billion per month
On average there is $113 billion per month to spend on other programs

[LawnWake]

Is it really wise to be introducing bills that won't in a million years get passed? Rand isn't exactly setting himself up as someone who gets stuff done in the senate.

[65fastback2+2]

Is it really wise to be introducing bills that won't in a million years get passed? Rand isn't exactly setting himself up as someone who gets stuff done in the senate.

so he shoulda signed the $400 billion spending bill then eh?

[alucard13mm]

But how will we get free stuff? :(

[Liberty74]

Is it really wise to be introducing bills that won't in a million years get passed? Rand isn't exactly setting himself up as someone who gets stuff done in the senate.

It will allow Rand to say "see I told you so" in regards to his argument that the right and left have this silent agreement. Then as President, Rand would have more say and pull. This sets Rand up as being someone who wants to make real changes unlike Cruz and Trump who wants the status quo.