Friday, July 22, 2011

Senate Rejects Republican's "Cut, Cap, and Balance"Bill

The U.S. Senate it voted to table the Republican bill, known as "Cut, Cap, and Balance," in a 51-46 vote. The rejection had been expected even before the House passed it earlier this week. The proposal would cut $100 billion from the next budget and cap federal spending at 20 percent of national GDP, as well as require passing a Balanced Budget Amendment before raising the debt ceiling.

On a recent edition of MSNBC's The Last Word, Lawrence O'Donnell gave an excelent break down of "Cut,Cap and Balance".  If you understand the bill, you'll rejoice with me that the Senate rejected it.  Of course it will give Republican's a line in their campaign rhetoric about their efforts on fiscal matters. Naturally, it will only be party propaganda designed to satisfy the Tea Party wing of the GOP at the expense of real government action that would benefit the American people.

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