The CAP Act
The Commitment to American Prosperity Act, the “CAP Act,” S. 245, would, for the first time, set an across-the-board, binding cap on all federal spending. The fiscal straitjacket created by the CAP Act would result in $5.1 trillion less in spending over the next 10 years based upon current spending levels or $7.3 trillion under an alternative assumption of future policy.
(1) Put in place a 10-year glide path to cap all spending – discretionary and mandatory – to a declining percentage of the country’s gross domestic product, eventually bringing spending down from the current level, 24.7 percent of GDP, to the 40-year historical level of 20.6 percent, and
(2) If Congress fails to meet the annual cap, require the Office of Management and Budget to make evenly distributed, simultaneous cuts throughout the federal budget to bring spending down to the pre-determined level. Only a two-thirds vote in both houses of Congress could override the binding cap, and
(3) For the first time, eliminate the deceptive “off-budget” distinction for Social Security – providing a complete and accurate assessment of all federal spending.
Senate sponsors of the CAP Act include Bob Corker (R-Tenn.), Claire McCaskill (D-Mo.), Lamar Alexander (R-Tenn.), Kelly Ayotte (R-N.H.), Richard Burr (R-N.C.), Saxby Chambliss (R-Ga.), Mike Crapo (R-Idaho), John Hoeven (R-N.D.), Jim Inhofe (R-Okla.), Johnny Isakson (R-Ga.), Ron Johnson (R-Wis.), Mark Kirk (R-Ill.), Jon Kyl (R-Ariz.), Joe Lieberman (ID-Conn.), Joe Manchin (D-W.V.) and John McCain (R-Ariz.).
Representatives Jim Cooper (D-TN-5) and Jimmy Duncan (R-TN-2) introduced a companion version of the bill in the House, which is cosponsored by Reps. Diane Black (R-TN-6), Marsha Blackburn (R-TN-7), Scott DesJarlais (R-TN-4), Stephen Fincher (R-TN-8), Chuck Fleischmann (R-TN-3), Jim Renacci (R-OH-16), and Phil Roe (R-TN-1).
Links to bill language and a one page summary of the CAP Act are below.
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02-01-11_S.245_Corker-McCaskill_CAP_Act
02-01-11_CAP_Act S245.pdf (171.0 KBs) -
Corker-McCaskill CAP Act One-pager
Corker-McCaskill CAP Act One-Pager.pdf (25.1 KBs)
CAP Act Videos
Corker: CAP Act "Puts Us on a Glide Path to Fiscal Sanity"
Corker Discusses Federal Budget Negotiations
Corker Calls for Passage of CAP Act at Budget Reform Conference
Corker Stresses Urgency for Long-Term Spending Cuts
Corker Delivers Floor Speech on the CAP Act
Corker Discusses Federal Budget Negotiations
Corker Calls for Passage of CAP Act at Budget Reform Conference
Corker Stresses Urgency for Long-Term Spending Cuts
Corker Delivers Floor Speech on the CAP Act
Corker Introduces CAP Act to Dramatically Cut Spending Over 10 Years
Fox News Interview: Corker Says: To Reduce Spending, Put Congress in a Straitjacket
On the Radio
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02-02-11 Interview with Knoxville's Hallerin Hill
In the News
- Nashville Business Journal: Corker makes federal debt push
- Commercial Appeal: Sen. Bob Corker of Tennessee introduces bill to cap spending
- PBS Newshour: Senators Introduce Spending 'Straightjacket'
- National Journal: Corker, McCaskill Offer 10-Year Spending Bill
- Chattanooga Free Press Editorial: Sen. Corker vs. the debt
- The Leaf Chronicle (Clarksville) Editorial: Corker offers realism on debt
- Memphis Commercial Appeal Editorial: Budget gusher could get cap
- Maryville Daily Times Editorial: We should be proud Tennessean leading call to cap budget
- Tennessean: Tennessee Sen. Bob Corker urges cap for federal spending
- President’s Budget Proposal Misses Opportunity to Lead
- Corker Reacts to Admiral Mullen’s Stark Warning that Debt is “Greatest Threat” to U.S. National Security
- Knoxville News Sentinel: Greg Johnson: Serious times call for serious solutions
- CAP Act Gains Momentum, Sens. Joe Lieberman and Ron Johnson Added as Cosponsors
- The Oakridger: Corker sounds the alarm on national debt
- Knoxville News Sentinel: Cap on federal spending backed by delegation, save one
- National Review Online Op-Ed: The Cap Act
On the Blogs
- CNSNews: Sen. Corker on Congress and Spending: ‘We Never Have a Plan’ or ‘Have Any Idea Where We Are’
- PajamasMedia: Senator Corker: Put a ‘Straightjacket’ on Federal Spending (PJM Exclusive)
- Instapundit: So I mentioned Bob Corker’s new budget cutting bill earlier
- InstaVision with Glenn Reynolds Interview
- Cato-at-Liberty.org: Senator Corker’s CAP Act: A Better Version of Gramm-Rudman to Reduce the Burden of Government
- AFP-TN Applauds Sen. Corker’s ‘Line in the Sand’ on Debt Ceiling
- World Net Daily: Building dikes against spending flood; Corker plan would link limits on outgoing money to GDP
2010 Debt Presentation
In early August 2010, Senator Corker began crisscrossing Tennessee to talk about Washington’s unsustainable spending habits that are driving the country into dangerous levels of debt.
The following *video is an excerpt of a debt presentation delivered August 18, 2010 to a meeting of the Chattanooga Chamber of Commerce.
*Please note: data presented in this video reflects information available as of August 18, 2010. Some figures have since changed.