Today, Representative Ed Royce (R-CA) voted for H.R. 2560, the Cut, Cap, and Balance Act of 2011. This legislation cuts current spending, caps future spending, and establishes a Constitutional balanced budget amendment to keep Washington's spending in line. Following the vote, Royce issued the following statement:
"The Cut, Cap and Balance Act requires the federal government to spend within its means -- cutting and capping spending and requiring Congress to balance its budget. Last week President Obama said, "We don't need a constitutional amendment to do our jobs.' Apparently, he does. Under this Administration the debt has increased by $3.7 trillion.
"By the end of this year our national debt will outgrow our entire economy. This kind of spending and borrowing is irresponsible. More importantly, it is unsustainable.
"We can't continue to spend money we don't have. Borrowing 40 percent of every dollar we spend from countries like China threatens our economic growth and it threatens our job creators' ability to succeed and grow.
"Washington should follow the lead of families and businesses across America - sit down, create a budget and follow it!
NOTE: Based on the Congressional Budget Office's March baseline, the Cut, Cap, and Balance Act saves $111 billion in 2012 and nearly $6 trillion over ten years.