by Congressman Sam Graves
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The House today passed bi-partisan legislation that would cut $917 billion in spending in exchange for a $900 billion increase in the debt ceiling.
In addition, it would create a commission to further reduce spending by $1.5 trillion later this year. The bill institutes caps to restrain future spending. It would also require both houses to vote on a balanced budget amendment.
Congressman Sam Graves today issued the following statement on the Budget Control Act of 2011:
“I believe it is time for Washington to act and avoid default. This bill cuts spending now, caps future spending and will require votes on a balanced budget in both chambers.
We have begun to change the conversation in Washington. The President first asked us to raise the debt ceiling without any spending cuts or reforms. Then he asked us to raise taxes. Instead, we have held together to demand that spending be reduced without gimmicks and without tax increases.
This is just a first step, but it is an important and necessary one. We can no longer continue to kick trillion dollar deficits down the road. We did not get 14 trillion in debt overnight and we will not solve the problem with one vote.
Moreover, this bill is good for small business because it addresses our out-of-control debt without any job-killing tax increases, which will help provide much-needed certainty for our nation’s most robust job creators.
I will continue to work with my colleagues to identify areas of waste, abuse and duplication in the federal budget and eliminate them.”