On Thursday, House GOP leaders unveiled a "Pledge to America" to slash taxes and spending, reduce government regulation, repeal the national health care law and end the economic stimulus program.

Republican Rep. Charles Djou, first elected in a May special election, says the proposals will reduce annual budget deficits and lead to a smaller national debt.

Democratic Sen. Daniel Inouye, first elected in 1962, contends the pledge makes no sense because Republicans are promising to cut discretionary spending by $100 billion while proposing to retain tax breaks at a $4 trillion cost to the U.S. Treasury.