News Channel 5: Tenn. Senators Help Propose Bill To Slash Government Spending

Posted on February 1, 2011

WASHINGTON - Tennessee is taking front seat in a bi-partisan effort aimed at slashing government spending.

On Tuesday, Tennessee Senator Bob Corker and Missouri Democrat Claire McCaskill introduced the American Prosperity Act or CAP Act.

The 10-page bill calls for Washington to cut spending from 24.7 percent of Gross Domestic Product (GDP) to 20.6 percent within 10 years. If Congress doesn't meet the yearly caps, the Office of Management and Budget would make budget cuts across the board to bring spending down.

"The problem we find ourselves in today is not a Republican or Democratic problem, both parties have contributed to the situation we're in but what this bill would require us to do is set priorities," said Corker. "It would mean that we would have to ensure programs are being run as effectively and efficiently as possible."

Senator Lamar Alexander also joined the effort as co-sponsor of the bill. 

The federal debt is a key issue in Congress. President Barack Obama has created a special commission to look into the issue.

Until now, precise proposals to deal with the problem had been slow to emerge.