As debt ceiling negotiations continue in Washington, D.C., I wanted to update you on the latest news in the debate, and let you know my position on this important issue.

The U.S. is poised to hit its spending limit, or run out of borrowed money, by August 2 if Congress doesn't raise the debt ceiling (think of it like hitting the limit on your credit card.)

We must ask ourselves as a nation, 'How did we get into this debt mess?' And then we must change those bad habits. In Washington, this means changing the trajectory of spending. Right now, we are paying for the sins of past Congresses and Administrations. The current Administration and the Senate have not shown they are serious about having a fact-based conversation about a plan for long-term fiscal sanity, and are risking stalled economic recovery and frozen private-sector hiring.

That's why on Friday, House Republicans took the first step and introduced a plan, the Cut, Cap, and Balance Act, which I am happy to be an original co-sponsor of, and which the House will vote on tomorrow.

This bill is slated to cut $111 billion in spending in FY 2012, cap total federal spending and return it by 2017 to average spending levels over the last 30 years of below 20 percent of GDP, and it also requires Congress pass a Balanced Budget Amendment to the Constitution on to the states before voting to raise the nation’s debt limit.

This House Republican plan ensures seniors and veterans are protected, as it only cuts non-veteran, non-Medicare, and non-Social Security spending.

This House Republican plan is written for future generations, not future elections. Government must learn to tighten its belt just like American families have had to.

Our commonsense plan addresses our current, medium, and long-term spending habits and make fiscal sanity a Constitutional requirement to ensure the federal budget is permanently under control and will help keep government accountable and prevent it from using taxpayer dollars for their own personal spending spree. Find out by yourself by reading the text of the bill which can be found here, or the highlights below:

The details of the bill include:

CUT

Cuts total spending by $111 billion in FY 2012.  The savings is divided as follows:

•  Reduce non-security discretionary spending below 2008 levels, which saves $76 billion. 
•  $35 billion cut to non-veterans, non-Medicare, non-Social Security mandatory spending.
•   Defense budget at President’s level. 

CAP

Total federal spending is scaled back based on the glide path for the fiscal years below:

•  2012, 22.5% of GDP.
•  2013, 21.7% of GDP.
•  2014, 20.8% of GDP.
•  2015, 20.2% of GDP.
•   2016, 20.2% of GDP.
•   2017, 20.0% of GDP.
•  2018, 19.7% of GDP.
•   2019, 19.9% of GDP.
•   2020, 19.9% of GDP.
•   2021, 19.9% of GDP.

BALANCE

Requires the passage of a Balanced Budget Amendment before raising the nation’s debt limit.

DEBT CEILING INCREASE CONTINGENT ON BBA

Provides for the President’s request for a debt ceiling increase  – of less than the spending cuts in this bill -   if a qualifying Balanced Budget Amendment passes Congress and is sent to the states for ratification to the U.S. 

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