Tuesday the U.S. House of Representatives passed the Cut, Cap, and Balance Act, that along with a balanced budget amendment requirement, cuts government spending by $111 billion in fiscal 2012 and cap spending at 22.5% of GDP next year. The cap on spending would gradually drop to 19.9 percent of GDP in 2021.
U.S. Senator Mike Enzi commended the House for offering and passing a comprehensive plan to address the national debt.
While the plan isn't expected to be approved by the Democratic controlled chamber, the bill is expected to be voted on by Saturday.