Sen. Rand Paul, R-Ky., and Rep. Mick Mulvaney, R-S.C., are joining forces to revive a plan to cut the deficit in half as the deadline for Congress to decide whether to increase the federal debt limit looms.
The lawmakers’ Cut, Cap, and Balance Act would slash $207 billion from the deficit in 2016 while capping spending at 18 percent of the gross domestic product, which Paul projected would balance the U.S. budget by 2021.
The bill would also add a balanced budget amendment to the Constitution and carve out protections against spending cuts for Social Security, Medicare, military pay, and veterans’ benefits.

Paul said during a conference call with reporters Monday that he would vote to raise the nation’s borrowing limit if those conditions are met.