The final language of the debt limit deal between Congress and the White House maintains numbers from Republicans on spending caps for future federal budgets, which GOP lawmakers argue is a first step on the long road to a balanced budget.
It was all part of the give and take on this bill, as Republicans were able to keep the exact spending cap numbers which were approved last Friday in a close vote in the House.
"I think I can say with a high degree of confidence that there is now a framework to review that will ensure significant cuts in Washington spending," said Senate GOP Leader Mitch McConnell.
For many Republicans though, much more needs to be done.
"A balanced budget amendment is an essential next step," said Sen. John Cornyn (R-TX), as Republicans say a Constitutional change is still needed to rein in the size of the federal government.
The spending caps would look like this:
- 2012 - $1.043 trillion
- 2013 - $1.047 trillion
- 2014 - $1.066 trillion
- 2015 - $1.086 trillion
- 2016 - $1.107 trillion
- 2017 - $1.131 trillion
- 2018 - $1.156 trillion
- 2019 - $1.182 trillion
- 2020 - $1.208 trillion
- 2021 - $1.234 trillion
