U.S. Sen. John Cornyn (R-Texas), a member of the Senate Budget Committee, on July 13 signed on as a co-sponsor of the Cut, Cap, and Balance Act of 2011, which was introduced by Sen. Mike Lee (R-Utah).

 “With the President refusing to show leadership and the Democrat-controlled Senate refusing to pass a budget over the last two years, they have no better solutions than throwing more hard-earned taxpayer dollars at our fiscal problems and hoping they go away,” said Cornyn.

“Amidst a jobs crisis, runaway spending, and a fragile economic recovery, we cannot sit on our hands and wait for Democrats to come up with budget solutions,” he continued. “I’ve signed on to the Cut, Cap, and Balance Act of 2011 because it includes real solutions, like a balanced budget amendment to the U.S. Constitution, to get Washington to live within its means.”

The Cut, Cap, and Balance Act of 2011 includes three major components:

• CUT: Immediately cut spending by $142 billion;
• CAP: Cap spending at 2006 levels;
• BALANCE: Require the passage of a balanced budget amendment before the debt limit is increased.