“The Budget Control Act of 2011 is far from a perfect bill. But the reality is that the federal government is divided, with the White House and Senate controlled by those who would prefer to keep spending money Americans do not have while at the same time raising their taxes.
“Since President Obama took office, the national debt has increased by $3.7 trillion. It took the United States from 1776 until 1992 to accumulate the same amount of debt that President Obama accumulated in 2½ years.
“Our national debt is nearly $14.3 trillion – higher than any time in American history – and already equals more than 95 percent of our entire economy.
“The Congressional Budget Office confirms the House legislation adheres to this pledge: no new taxes; no blank check for the president; and spending cuts greater than the size of the debt limit increase.
“Although I would have preferred deeper cuts, we must not allow the U.S. government to default on our debts. We expect Americans to pay their bills. The United States must pay its bills too. To default could have a devastating effect on our already fragile economy, including the potential collapse of the retirement savings of millions of seniors. I will not allow that to happen. But we also cannot allow the federal government to continue its spending binge. This battle is not over. I and my like-minded colleagues will continue to cut government spending until the federal financial house is in order.”
The Budget Control Act:
Cuts and caps spending by $917 billion over 10 years. That’s more than the $900 billion debt hike;
Cuts $22 billion in spending for FY2012 and holds spending below FY2010 levels until FY2016; and,
Requires a Select Committee to produce spending cuts larger than the hike and requires that a Balanced Budget Amendment be sent to the states before the President can request a second installment of debt authority.