'Pledge to America' Unveiled by Republicans (Full Text)

Republican 'Pledge to America':

CBS News has obtained a final draft of House Republicans' legislative agenda for the next Congress, a 21-page "Pledge to America" that they will formally unveil Thursday morning at a Virginia hardware store.

"The need for urgent action to repair our economy and reclaim our government for the people cannot be overstated," the introduction says.

It continues: "With this document, we pledge to dedicate ourselves to the task of reconnecting our highest aspirations to the permanent truths of our founding by keeping faith with the values our nation was founded on, the principles we stand for, and the priorities of our people. This is our Pledge to America."

Below are some highlights, and the full document is at the bottom.

Jobs:
- Stop job-killing tax hikes
- Allow small businesses to take a tax deduction equal to 20 percent of their income
- Require congressional approval for any new federal regulation that would add to the deficit
- Repeal small business mandates in the new health care law.

Cutting Spending:
- Repeal and Replace health care
- Roll back non-discretionary spending to 2008 levels before TARP and stimulus (will save $100 billion in first year alone)
- Establish strict budget caps to limit federal spending going forward
- Cancel all future TARP payments and reform Fannie Mae and Freddie Mac

Reforming Congress:
- Will require that every bill have a citation of constitutional authority
- Give members at least 3 days to read bills before a vote

Defense:
- Provide resources to troops
- Fund missile defense
- Enforce sanctions in Iran