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Congresswoman Virginia Foxx, (NC-05) voted this week to pass the Cut, Cap and Balance Act (H.R. 2560).  The bill cuts spending by more than $100 billion next year and by $6 trillion over the next ten years.  Additionally, H.R. 2560 caps federal spending as a percentage of economic output and starts the ball rolling on a balanced budget amendment to the Constitution.   

“Cutting spending isn’t easy and that’s why this bill is so historic—because it actually makes meaningful and enforceable spending cuts,” Foxx said.  In June Foxx signed a letter to House Speaker John Boehner urging him to consider legislation that would enact a Cut, Cap, and Balance strategy for tackling the national debt. H.R. 256, the Cut, Cap and Balance Act, includes three major provisions.  First, it cuts spending by $111 billion in 2012 and by $6 trillion in the next ten years.  Then it places a statutory cap on the level of federal spending as a percentage of the economy.  Finally, the bill starts the process on sending a balanced budget amendment to the Constitution to the states for ratification.  It includes a $2.4 increase in the debt limit, but the increase is only enacted if the balanced budget amendment passes both the House and Senate. 

“We’re long overdue for a balanced budget amendment to the Constitution,” Foxx said. “Nearly every state in the nation has some form of a balanced budget amendment—it’s time the federal government followed their lead. ”  The Cut, Cap and Balance Act passed the House 234-190 with bipartisan support. 

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