Today, Rep. Adam Schiff (D-CA) released the following statement on the Cut, Cap, and Balance Act of 2011, which has been introduced by the House Majority and could come to the House Floor for a vote as early as next week:
"The "Cut, Cap, and Balance Act of 2011" is not a serious legislative proposal, but a political device to give members of the majority political "cover." With only two weeks to go, we should not be spending precious time on proposals like this, which will go nowhere -- it would lock in cuts over the next ten years more severe than those proposed in Budget Chairman Ryan's proposal -- and instead focus a meaningful package of fiscal reforms. How can we expect American businesses to hire more workers, if they cannot have the confidence that the Congress will take the steps necessary to avoid a major disruption to the market?
"While there's broad agreement that our long-term debt and deficit are unsustainable and must be addressed, this bill would require sharp, immediate spending cuts that put our vulnerable economic recovery in jeopardy at a time of great uncertainty, and limit spending to a percentage of GDP that the country has rarely achieved in the past. I continue to believe that both parties can come to an agreement on a "Grand Deficit Bargain" that makes tough but fair choices in putting us back on a path towards fiscal responsibility, and which includes both revenues and spending cuts. We ought to seize this opportunity to do something big to put the nation's finances on a long-term, solvent and sustainable path."