A statement from the White House rejected the plan, which conditions a debt limit hike on a constitutional amendment that would require the government to balance its books each year. The proposal also requires substantial spending cuts and a statutory spending cap as a precondition for raising the debt ceiling.
The White House’s statement classified the plan as “unrealistic policy goals.”
The Huffington Post Reports:
Republicans have been pushing the Cut, Cap and Balance plan largely as a reaffirmation of their conservative principles. But such a proposal has little chance of becoming law; constitutional amendments require a two-thirds vote in both chambers of Congress, which is unlikely in a Democratic-controlled Senate and maybe even a stretch in the House. And even if it were to pass Congress, an amendment wouldn’t take effect until it was ratified by at least 38 state legislatures.
Still, with an eye on 2012 elections, Republicans want votes on the proposal on the record. The House is scheduled to take up the bill on Tuesday, and the Senate is expected to follow later this week.