This week the House of Representatives will debate and vote on a Balanced Budget Amendment. That is one piece of the three legged stool that we need to claw our way back up the cliff that President Obama and his Democratic allies in Congress drove us over.
American families balance their budgets every month, sometimes week to week. Most states balance their budget every year. Yet the biggest spender the world has ever known, the United States Federal Government, resists every effort by Congress to require it to balance its budget. I know that balancing the budget alone will not solve our debt problems. But it's a start.
We also need to make significant cuts in spending. That will prove to be difficult to do, but I am confident that we can do it. The cuts that we make must be much more than cosmetic cuts - they must be significant and they must reduce the debt next year and every year thereafter. The Congressional Budget Office told us in March that if we intend to reduce the deficit by half next year, we must make spending cuts of approximately $380 billion for the 2012 fiscal year.
The third leg of the stool will probably prove to be the most difficult. In order to keep spending as low as possible, we need statutory, enforceable caps that bring spending into line with average revenues as a percentage of GDP.
Getting our country back on track will also require a much stronger economy. We can rebuild private sector confidence and help businesses see reasons to hire again by passing Cut, Cap & Balance.