Senate Minority Leader Mitch McConnell, R-Ky., has signed on to co-sponsor the Cut, Cap, Balance Act a Senate aide tell The Washington Examiner.
Conservative Sens. Rand Paul, R-Ky., Mike Lee, R-Utah, and Jim DeMint, R-S.C., first introduced the bill last week and it now has 29 additional co-sponsors. The Republican Study Committee and 28 House members have signed a similar pledge. The bill would raise the debt limit in exchange for specific spending cuts now, future spending caps, and a balanced-budget amendment to the Constitution.
Some conservatives are skeptical of McConnell’s timing since he only signed on to the legislation after unveiling his own debt hike plan. The Huffington Post reports that McConnell is now actively working with Majority Leader Harry Reid, D-Nev., on how to pass his debt hike plan as a last resort.