Cut, cap and balance is the best proposal in the mix if politicians are serious about the national debt and out-of-control spending. Most of them aren't serious, and this is why we witness games rather than fundamental solutions.
The best way right now to limit government power is to limit how much it can spend and how much it can tax. This falls short of a fundamental solution, but it's better than the symptomatic solutions being bandied about. Cut, cap and balance is a solution that addresses part of the fundamental problem --next should be comprehensive tax restructuring.