The State Newspaper (by: JAMES ROSEN and DAVID LIGHTMAN)
U.S. Rep. Mick Mulvaney gained a major legislative victory Tuesday when the House passed his “cut, cap and balance” bill to reduce federal spending and compel passage of a constitutional amendment to balance the budget.
The House approved the Mulvaney measure largely along party lines, by a 234-190 vote, with all five House Republicans from South Carolina backing it and Assistant Democratic Leader Jim Clyburn of Columbia opposing it.
Mulvaney, an Indian Land Republican in his first year in office, was one of three co-authors of the House bill, which requires steep spending cuts and a balanced-budget amendment in order to raise the debt ceiling.
If the debt ceiling is not raised by Aug. 2, the government will run out of borrowing authority, potentially causing economic chaos.
Mulvaney’s legislation would impose $111 billion in spending cuts next year, cap federal outlays at 19.9 percent of GDP in a decade and require Congress to pass a balanced-budget amendment.
Read more: http://www.thestate.com/2011/07/20/1904256/mulvaney-wins-legislative-victory.html#ixzz1Sf0Mjqf3
