LAKE JACKSON, Texas--(BUSINESS WIRE)--

Today, 2012 Republican presidential candidate Ron Paul became the first of the field to sign the new Cut, Cap, and Balance pledge. The pledge, which is being championed by conservative groups and members of Congress, requires candidates to oppose any debt limit increase unless three major conditions are met.

“We are facing an unprecedented debt crisis, and the prospect of it becoming even worse is on the horizon if we do not deal with our federal government's spending problem,” said Jesse Benton, Ron Paul 2012 Campaign Chairman.

“It would be a disaster to wait until we reach the point where Greece and other European nations are before trying to tackle these tough issues. Americans want our country to change course immediately. We can no longer afford a reckless federal government that wastes money, endangers our security by borrowing from other nations, and puts us further into debt to advance an anti-liberty agenda.”

For more information on Congressman Ron Paul's Presidential Campaign visit www.RonPaul2012.com.