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Alexander Cosponsors Corker Bill to Slash Debt: "The House is on Fire and We Need to Put the Fire Out"

WASHINGTON – U.S. Senator Lamar Alexander (R-Tenn.) announced on Tuesday he was joining as an original cosponsor of the Commitment to American Prosperity Act, or the CAP Act, which he called a "serious proposal" to dramatically reduce spending as a percentage of the nation's gross domestic product, or GDP. Tennessee Senator Bob Corker introduced the bill today with Senator Claire McCaskill (D-Mo.).

"This is a serious proposal to curb out-of-control spending and help solve our debt problem," Alexander said. "This bipartisan bill demonstrates that we need to move beyond politics when it comes to the debt—when the federal government is borrowing 42 cents out of every dollar it spends, the house is on fire and we need to put the fire out."

The CAP Act would set an annual spending cap for total federal spending—mandatory and discretionary—calculated as a percentage of GDP. The percentage would decline over a 10-year period to bring spending down to the historical average 20.6 percent of GDP, from 24.7 percent, where it is now. If Congress exceeds the cap, the Office of Management and Budget would be authorized to make evenly distributed, simultaneous cuts throughout the federal budget.

Published February 2, 2011

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