The Center on Budget and Policy Priorities says the bill "stands out as one of the most ideologically extreme pieces of major budget legislation to come before Congress in years, if not decades":
The “Cut, Cap, and Balance Act” would require cuts totaling $111 billion immediately, in the fiscal year that starts 75 days from now, despite a 9.2 percent unemployment rate. These cuts would equal 0.7 percent of the projected Gross Domestic Product in fiscal year 2012 and would thus cause the loss of roughly 700,000 jobs in the current weak economy, relative to what the number of jobs otherwise would be.
Bruce Bartlett outlines other problems with such amendments.
The Dish 