July 21, 2011 - 5:43pm
The CC&B plan would cut total spending by $111 billion in FY 2012, and would also cap total federal spending at 22.5 percent of GDP next year; gradually decreasing spending levels over 10 years, until locking in at 19.9 percent of GDP in 2021 and beyond.
Following the passage of the Cut, Cap and Balance Act Tuesday evening in the House of Representatives, Sen. Rand Paul (R-Ky.) issued the following statement:
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