Feb 17 2011
WASHINGTON - U.S. Senator Bob Corker, R-Tenn., today responded to Admiral Mike Mullen’s stark warning that mounting U.S. debt poses the “greatest threat” to U.S. national security. In testimony today before the Senate Armed Services Committee, Adm. Mullen, Chairman of the Joint Chiefs of Staff, said, “Indeed, I believe that our debt is the greatest threat to our national security. If we as a country do not address our fiscal imbalances in the near-term, our national power will erode, and the costs to our ability to maintain and sustain influence could be great.”
Corker responded, saying, “Following similar comments from top U.S. intelligence officials last week, Admiral Mullen’s declaration today that America’s mounting debt poses the ‘greatest threat’ to our national security raises the stakes for the current debate about federal spending and an upcoming vote on the debt ceiling. The notion that we have a lot of time to address this challenge is both naive and dangerous. Now is the time to pass real spending cuts, implement a construct like the CAP Act to control spending and consider a balanced budget amendment. The warning signs are crystal clear; let’s prove to the American people and the world that we can meet this challenge together.”
Earlier this month, Senators Corker and Claire McCaskill, D-Mo., introduced the Commitment to American Prosperity Act to dramatically reduce federal spending over 10 years. Specifically, the “CAP Act,” would:
(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.
The Corker-McCaskill CAP Act is cosponsored by Senators Lamar Alexander (R-Tenn.), Richard Burr (R-N.C.), Saxby Chambliss (R-Ga.), Mike Crapo (R-Idaho), Jim Inhofe (R-Okla.), Johnny Isakson (R-Ga.), Mark Kirk (R-Ill.), Jon Kyl (R-Ariz.) and John McCain (R-Ariz.).
For more information about the bill, visit: http://bit.ly/hRz5dk.