David Price: “This ``Cut, Cap and Gut'' proposal isn't just a retread of the policies our colleagues voted for in their extreme budget…”

“This ``Cut, Cap and Gut'' proposal isn't just a retread of the policies our colleagues voted for in their extreme budget resolution that would end Medicare as we know it; it's worse. This bill holds an increase in the debt limit hostage to passage of a radical GOP Constitutional Amendment that would require even deeper cuts after ending Medicare as we know it. It arbitrarily caps federal spending at 18 percent of GDP. To say this is unwise is an understatement. The last time federal spending was 18 percent or less of GDP was 1966. The problems of 2011 don't call for a rigid ideology 45 years behind the curve. Why would we tie Congress' hands in the event of future economic challenges? In economic downturns Congress should be able to cut taxes or increase investments to stimulate growth. This is basic economic policy. This proposal turns a blind eye not just to basic economics, but to the two pressing and related challenges facing our country: growing the economy and charting a course back to fiscal balance. It would necessitate across the board cuts in the domestic programs--education, research, infrastructure and Medicare--that make us strong and ensure our economic success. We know that the best cure for a budget deficit is a growing economy, but this bill requires deep spending cuts starting in October that could stall the recovery and put more Americans out of work.…”