Dem: Spending-cap bill 'could cost me my Senate seat' in 2012

Sen. Claire McCaskillClaire Conner McCaskillMomentum growing among Republicans for Supreme Court vote before Election Day Democratic-linked group runs ads in Kansas GOP Senate primary Trump mocked for low attendance at rally MORE (D-Mo.) on Tuesday introduced legislation meant to cap Washington spending that she said could lead to her defeat in 2012.

McCaskill, a freshman senator who faces a tough reelection, is co-sponsoring legislation with Sen. Bob CorkerRobert (Bob) Phillips CorkerHas Congress captured Russia policy? Tennessee primary battle turns nasty for Republicans Cheney clashes with Trump MORE (R-Tenn.) that would force the government to hold spending at 20.6 percent of the nation’s GDP.

ADVERTISEMENT

That would mean huge, and likely unpopular, budget cuts, as current federal spending stands at 24.7 percent of GDP. But McCaskill said she’s willing to lose her election if it means the legislation will be approved.

“If this bill is distorted and twisted, it could cost me my Senate seat, but it’s a price I am willing to pay,” McCaskill said in a floor speech supporting the bill on Tuesday.

“It is a price I am willing to pay for my country, and more importantly, it is a price I am willing to pay for my grandchildren.”

Voters unhappy with the economy and federal spending handed the House to Republicans last fall, and lawmakers in both parties are determined to cut the budget. The Congressional Budget Office last week projected a $1.5 trillion deficit for the current fiscal year.

Still, getting the federal budget under control is likely to mean steep cuts in spending and changes to Medicare and Social Security, which could put lawmakers in danger of losing their seats.

A SurveyUSA poll last week found McCaskill only four points ahead of Republican Rep. Sam GravesSamuel (Sam) Bruce GravesAirline CEOs, union leaders implore Congress and the administration to avoid Oct. 1 furloughs Missouri Rep. Sam Graves wins GOP primary OVERNIGHT ENERGY: House approves .5T green infrastructure plan | Rubio looks to defense bill to block offshore drilling, but some fear it creates a loophole | DC-area lawmakers push for analysis before federal agencies can be relocated MORE, who is mulling a run for the seat. The poll was commissioned by a firm that works for Graves.

President Obama narrowly lost Missouri to GOP Sen. John McCainJohn Sidney McCainCrenshaw looms large as Democrats look to flip Texas House seat Analysis: Biden victory, Democratic sweep would bring biggest boost to economy The Memo: Trump's strengths complicate election picture MORE (Ariz.) in the 2008 election.

The McCaskill-Corker bill would force the government to cap its spending at a declining percentage of GDP over the next 10 years by implementing a “glide path” over the next decade that would cap all spending.

If Congress fails to stay within its spending goals, the legislation directs the Office of Management and Budget to make cuts to reach the targeted levels.

Congress could only approve spending above the ceiling set by the bill with a two-thirds vote in both chambers.

“Getting control of spending is very, very hard, but we have to do it and we have to do it now,” McCaskill said in her floor speech. “But this bill is possible. It tells the American people that our spending is going to be capped at a certain amount of economic spending in this country.”

The Commitment to American Prosperity Act, or the “CAP Act,” is co-sponsored by GOP Sens. Lamar AlexanderAndrew (Lamar) Lamar AlexanderPelosi urges early voting to counter GOP's high court gambit: 'There has to be a price to pay' Graham: GOP has votes to confirm Trump's Supreme Court nominee before the election The Hill's Morning Report - Sponsored by Facebook - Washington on edge amid SCOTUS vacancy MORE (Tenn.), Richard BurrRichard Mauze BurrHillicon Valley: Subpoenas for Facebook, Google and Twitter on the cards | Wray rebuffs mail-in voting conspiracies | Reps. raise mass surveillance concerns Bipartisan representatives demand answers on expired surveillance programs Rep. Mark Walker says he's been contacted about Liberty University vacancy MORE (N.C.), Saxby ChamblissClarence (Saxby) Saxby ChamblissLobbying world GOP lobbyist tapped for White House legislative affairs The Hill's Morning Report - Gillibrand drops out as number of debaters shrinks MORE (Ga.), James InhofeJames (Jim) Mountain InhofeOvernight Defense: Appeals court revives House lawsuit against military funding for border wall | Dems push for limits on transferring military gear to police | Lawmakers ask for IG probe into Pentagon's use of COVID-19 funds Democrats push to limit transfer of military-grade gear to police Chamber of Commerce endorses McSally for reelection MORE (Okla.), Johnny IsaksonJohnny IsaksonDemocrats ramp up pressure on Lieberman to drop out of Georgia Senate race Obama endorses Warnock in crowded Georgia Senate race Lobbying world MORE (Ga.), Mark KirkMark Steven KirkLiberal veterans group urges Biden to name Duckworth VP On the Trail: Senate GOP hopefuls tie themselves to Trump Biden campaign releases video to explain 'what really happened in Ukraine' MORE (Ill.), and McCain.