Conservatives to launch debt ceiling pledge

“I, __________________________________ pledge to oppose any debt limit increase unless all three of the following conditions have been met: 1. Cut - Substantial cuts in spending that will reduce the deficit next year and thereafter. 2. Cap - Enforceable spending caps that will put federal spending on a path to a balanced budget. 3. Balance - Congressional passage (not mere support) of a Balanced Budget Amendment to the U.S. Constitution -- but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses,” it reads.

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Republican Sens. Jim DeMint (S.C,), Orrin Hatch (Utah),Mike Lee (Utah), Jerry Moran (Kan.), Rand Paul (Ky.), Marco Rubio (Fla.) and Pat Toomey (Penn.) have signed.

Reps Joe Walsh (Ill.), Ron Paul (Texas), Jim Jordan (Ohio), Tim Huelskamp (Kan.) and Jason Chaffetz (Utah) have also signed the pledge.

The pledge is sponsored by CutCapandBalance, which counts as its members Family Research Council Action, Citizens Against Government Waste and Club for Growth as well as Tea Party groups like FreedomWorks Tea Party Express and Americans for Prosperity.