WASHINGTON, D.C. – U.S. Sen. Jim Inhofe (R-Okla.), today announced his pledge to oppose an increase in the federal debt limit until it contains important spending reforms on spending in the short-term and long-term. The pledge, supported by over 35 organizations, outlines that signers will not support an increase in the debt limit unless three reforms, referred to as cut, cap, and balance, are included. To-date, 11 U.S. Senators, 15 U.S. Representatives, 19 candidates, and over 18,000 citizens have signed the pledge.
“If there were ever a time to take the serious steps needed to balance our budget, it's now,” said Inhofe. “We have a $14 trillion debt weighing us down. If we can’t take this opportunity to cut spending in the short-term, cap spending in the medium-term, and balance our budget in the long-term, we never will. Raising the debt limit without truly fundamental reforms sends us further down the road to fiscal disaster. In the not-too-distant future, we could find ourselves in the same crisis that Greece is currently facing. We have a unique moment in our history to get this right, and we must seize that moment. That’s why I signed this pledge."
The Cut, Cap, and Balance Pledge
A debt limit increase will not be supported unless these three conditions are met:
1. Cut – Substantial cuts in spending that will reduce the deficit next year and thereafter;
2. Cap – Enforceable spending caps that will put federal spending on a path to a balanced budget;
3. Balance – Congressional passage (not mere support) of a Balanced Budget Amendment to the
U.S. Constitution -- but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.