Tennessee Chambers of Commerce Endorse Corker CAP Act to Cut Spending & Grow the Economy

Jul 7, 2011

WASHINGTON – U.S. Senator Bob Corker, R-Tenn., today announced that 15 chambers of commerce from across Tennessee and the Chattanooga Regional Manufacturers Association have endorsed his legislation to cut spending and grow the economy. The CAP Act, S. 245, would, for the first time, set an across-the-board, binding cap on all federal spending. The fiscal straitjacket created by the CAP Act would result in $7.6 trillion less spending over a 10-year period.

“Growing support from Tennessee’s job creators for the CAP Act underscores the need for us to address out-of-control spending at the federal level in order to grow the economy,” Corker said. “It’s been nearly 800 days since the Senate even passed a budget, and on our current path, our debt will more than double in the next 10 years. This situation is totally unsustainable, creating tremendous uncertainty and causing companies not to invest because they are concerned about whether Congress is actually going to deal with our indebtedness in a way that makes progress. We can reverse this trend by putting enforceable limits on all future spending through the CAP Act, which will show the business community and the world community that we have the ability to have discipline and act responsibly. I believe getting our country back on a path to fiscal sanity would unleash tremendous amounts of investment in this country to help create jobs.”

The organizations endorsing the CAP Act include: 

Blount County Chamber of Commerce 

Bristol Chamber of Commerce 

Brownsville-Haywood County Chamber of Commerce 

Chattanooga Area Chamber of Commerce 

Dyersburg/Dyer County Chamber of Commerce 

Gatlinburg Chamber of Commerce 

Greater Memphis Area Chamber of Commerce 

Humboldt Chamber of Commerce 

Johnson City Chamber of Commerce 

Kingsport Area Chamber of Commerce 

Knoxville Area Chamber Partnership 

Maury County Chamber and Economic Alliance 

Morristown Area Chamber of Commerce 

Nashville Area Chamber of Commerce 

Shelby County Chambers of Commerce Alliance (comprised of the Arlington, Bartlett, Collierville, Germantown, Lakeland, and Millington chambers)

 Wayne County Chamber of Commerce 

Chattanooga Regional Manufacturers Association 

The growing list of Senate sponsors of the CAP Act includes Bob Corker (R-Tenn.), Claire McCaskill (D-Mo.), Lamar Alexander (R-Tenn.), Kelly Ayotte (R-N.H.), Richard Burr (R-N.C.), Saxby Chambliss (R-Ga.), Mike Crapo (R-Idaho), John Hoeven (R-N.D.), Jim Inhofe (R-Okla.), Johnny Isakson (R-Ga.), Ron Johnson (R-Wis.), Mark Kirk (R-Ill.), Jon Kyl (R-Ariz.), Joe Lieberman (ID-Conn.), Joe Manchin (D-W.V.) and John McCain (R-Ariz.). 

Representatives Jim Cooper (D-TN-5) and Jimmy Duncan (R-TN-2) have introduced a companion version of the bill in the House, which is cosponsored by Rep. Diane Black (R-TN-6), Rep. Marsha Blackburn (R-TN-7), Rep. Scott DesJarlais (R-TN-4), Rep. Stephen Fincher (R-TN-8), Rep. Chuck Fleischmann (R-TN-3), Rep. Jim Renacci (R-OH-16), and Rep. Phil Roe (R-TN-1).

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