'Cut, cap, balance'
The rough economic times the United States is experiencing will prompt Americans to make tough decisions and should force national legislators to make smarter choices, a U.S. lawmaker says.
Republican U.S. Rep. Jim Jordan said he knows Americans realize that the road ahead is tough and are willing to pay the price to preserve their liberties and their freedoms, but after decades when those in political office could survive mistakes “the politicians have to act smarter.”
“We have to do the tough love thing,” Jordan told the Wapakoneta Daily News Monday after addressing the Wapakoneta Rotary Club. “We have to cut spending this year, we have to cap the budget as a percentage of GDP (gross domestic product) and we need to actually put in place a balanced budget amendment.
“If we put in a balanced budget amendment, we will be forced to address the entitlement concerns,” the Urbana Republican said. “We have to do what every family has had to do and it won’t be easy, but in the end if we do that we will have economic growth.”
He said U.S. families have had to cut their household expenses and curtail spending, now it is Congress’ turn.
The U.S. economy is struggling to have continued economic growth because business owners and executives have concerns about energy policy, regulatory reform, health insurance and taxes — therefore they cannot commit to expansion, Jordan said.
When questioned about Republicans supporting a budget plan, Jordan said House Republicans favor Wisconsin Republican Rep. Paul Ryan’s budget proposal which would balance the budget in 26 years. Jordan, as chair of the Republican Study Committee, noted the group has devised a proposal to balance the budget in nine years, but they all support Ryan’s proposal, too.
“This situation is so serious we have to get after this thing right now,” Jordan said. “If we don’t do the right things in regard to this debt ceiling debate, if we don’t use the leverage we have then this debt crisis — and what virtually every economist is now saying — will occur in two to three years.”
To continue operation of the government, the U.S. Congress needs to increase the debt ceiling — the amount of money America can owe — in the next couple of months. Republicans want — what Jordan called as “cut, cap and balance” provision — cut spending, cap the budget and put the balanced budget amendment in place.
He said he believes this point in time is truly pivotal moment in American political history.
“We think this is one of those historic moments where you could in fact get a balanced budget amendment through the House, through the Senate and send it to the states for ratification,” Jordan said. “That is truly a long-term game changer for the country.”