Cut, Cap and Balance Coming to Congress Next Week

Despite the possibility of moving away from a big budget deal and closer to a clean raise of the debt ceiling, the GOP leadership reassured their conference that they'll be pushing the plan known as "Cut, Cap and Balance" this week.

House Republican leaders informed a restive conference Friday morning that the chamber will vote on the “Cut, Cap and Balance” plan. It’s a favorite of conservatives, and only allows the debt ceiling to be raised when a balanced budget amendment clears both the House and Senate.The Senate will also vote on a balanced budget amendment, and the “Cut, Cap and Balance” package next week.

The announcement that the House would vote on the package was made in a meeting in the Capitol basement after all staff was dismissed. The proposal, which could also see action in the Senate, won praise from rank and file conservatives, but its unlikely the plan to avoid default.

John Boehner has also promised that there will be no deal no matter what until they get their votes on Cut, Cap and Balance.

Here's what the Cut, Cap and Balance pledge says:

THE PLEDGE

I pledge to urge my Senators and Member of the House of Representatives to oppose any debt limit increase unless all three of the following conditions have been met:

1. Cut - Substantial cuts in spending that will reduce the deficit next year and thereafter.
2. Cap - Enforceable spending caps that will put federal spending on a path to a balanced budget.
3. Balance - Congressional passage of a Balanced Budget Amendment to the U.S. Constitution -- but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.

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There are 38 co-sponsors of the Cut, Cap and Balance Act in the Senate and 34 co-sponsors in the House. It's likely merely a political, base-pleasing move on the part of leadership, but it could serve as an important symbol when it comes to proving the GOP's dedication to fiscal austerity and contrasted with the Democrats' largesse.