July 14, 2011
To: Republican Colleagues/Conservative and Tea Party Leaders
From: Senator Orrin Hatch of Utah/ Ken Blackwell, former Ohio Treasurer and Pass the Balanced Budget Amendment Chairman Ken Blackwell
As Tea Party activists from across the state have organized a Congressional office blitz demanding support for the Cut, Cap, and Balance proposal, it is important to focus on what this epic battle is all about: Jobs and Economic Growth
As Moody's and other credit rating agencies threaten to downgrade Treasurys, it is clear that:
CCB = AAA
Cut Cap and Balance will send a signal to markets that Congress is finally getting serious about unsustainable debt. This predictability and increased stability leads to:
* MORE capital investment
* MORE economic growth
* MORE jobs
* LESS uncertainty, as America maintains AAA rating
But only with real, structural reforms will we realize economic growth and job creation.
While opponents use a carnival of horrors and emotion to oppose CCB, their true motive is to raise taxes and grow government. This will not undermine economic growth and prevent us from expanding our tax base through business development, investment and additional job creation.
CCB reduces the pressure for tax increases, while creating the stability investors need to put capital and employees to work here in America.
Out of every proposal on the table, only CCB results in actual reform. Every other proposal kicks the can down the road while playing chicken with financial disaster and ensuring an immediate downgrade in our nation's credit rating.
The Constitution's purpose is to limit the powers of government. By adding a BBA to the Constitution, the people will reinforce that it is a charter of negative rights, which will continue to defend our liberty against government well into the future.
IT'S TIME TO GET SERIOUS MR. PRESIDENT
With the nation careening toward a genuine fiscal crisis, and the markets acting accordingly, it is time for serious grown-up reforms that shrink the size of government and put this nation back on sound economic footing.
Instead of getting serious about reducing our deficits and debt, the President is storming out of negotiations. One White House plan put up no more than $2 BILLION in discretionary spending reductions for next year, when our nation has an annual deficit of over $1.5 TRILLION. Facing a once in a generation economic crisis, the President and his liberal allies have determined it is more productive to scare seniors into thinking they won't receive their social security checks and markets into thinking a default is imminent, rather than coming up with solutions to our nation's spending binge.
There is a real solution out there for the President and Congress to embrace. The Cut, Cap, Balance plan is a reasonable and necessary effort to rein in spending and balance our budget. The American people understand that our economy needs this. By cutting spending, capping spending, and sending a BBA to the states for ratification, we can restore our Constitution and the economic growth that families and businesses need.
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