Senators Bob Corker (R-TN) and Claire McCaskill (D-MO) have introduced legislation “to force Congress to dramatically cut spending over 10 years,” according to a joint press release.
The bill would:
- Put in place a 10-year glide path to cap all spending – discretionary and mandatory – to a declining percentage of the country’s gross domestic product, eventually bringing spending down from the current level, 24.7 percent of GDP, to the 40-year historical level of 20.6 percent, and
- If Congress fails to meet the annual cap, authorize the Office of Management and Budget to make evenly distributed, simultaneous cuts throughout the federal budget to bring spending down to the pre-determined level. Only a two-thirds vote in both houses of Congress could override the binding cap, and
- For the first time, eliminate the deceptive “off-budget” distinction for Social Security – providing a complete and accurate assessment of all federal spending.
The Commitment to American Prosperity Act (CAP Act) is currently co-sponsored by Senators Lamar Alexander (R-TN), Richard Burr (R-NC), Saxby Chambliss (R-GA), Jim Inhofe (R-OK), Johnny Isakson (R-GA), Mark Kirk (R-IL), and John McCain (R-AZ).
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