Sen. Mike Lee and 21 other Republican senators, including Sen. Orrin Hatch, unveil legislation that would codify into law Lee's "Cut, Cap, Balance" pledge.
[Lee] is joined on the bill by fellow freshmen like Sen. Rand Paul (R-Ky.), as well as more senior members, like Sen. Jeff Sessions (R-Ala.), the ranking member of the Senate Budget Committee. However, it has yet to attract any backing from Senate Republican leaders.
The bill effectively codifies the "Cut, Cap and Balance" pledge that had been signed by a handful of Republicans, including Lee. The one-page pledge calls for lawmakers to oppose any debt limit increase unless "substantial cuts in spending," spending caps, and a balanced budget amendment are approved by Congress first.