By Chad Stone, Hannah Shaw and Indivar Dutta-Gupta
In the bipartisan deficit-reduction negotiations that Vice President Biden is conducting with congressional leaders and senior lawmakers, Republicans have proposed that negotiators include a global spending cap in the package they craft. And this week, the House Judiciary Committee approved, on a party line vote, a constitutional balanced budget amendment that includes a global spending cap. A constitutional balanced budget amendment sponsored by all 47 Republican Senators also includes such a cap. Legislation to impose a statutory global spending cap, known as the CAP Act, has been introduced by Senator Bob Corker, with 15 Republican, two Democratic, and one Independent sponsors and in the House by Rep. John Duncan with seven Republican and one Democratic co-sponsors. Rep. Jack Kingston and three Republican co-sponsors have introduced an even more severe global spending cap.
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