House Passes Cut, Cap, and Balance Plan to Raise Nation's Debt Limit

Statement

Legislation averts crisis while providing meaningful reforms

Congressman Chris Gibson (NY-20) voted today in support of legislation that raises the nation's debt limit when combined with $111 billion in immediate spending cuts, mandatory caps on spending over the next decade tied to gross domestic product (GDP) levels, and the passage of a balanced budget amendment.

"Our nation is at a crossroads and so far the President has failed to come to an agreement on how we can increase our debt limit while ensuring we make responsible choices for our future. Thus, it became necessary for the House to act and this evening we passed a proposal that is a permanent fix to what has been an unbreakable cycle of escalating irresponsible spending. I believe this legislation accomplishes what all parties involved in debt limit negotiations have publicly stated must be contained in any agreement: spending cuts, long-term fixes, and the ability for our nation to honor its commitments," said Congressman Gibson. "Importantly, we make absolutely no changes to Medicare, Social Security, or Veterans Benefits in this bill, and leave open the option of significant cuts in defense spending in future years to bring our budget into balance. With today's vote, our proposal is clearly on the table - with all the specifics. It averts the present crisis while making meaningful progress on deficit reduction and returning to a path of job creation and economic growth. It is past time for the President and the Senate to detail their solutions, and I am willing to consider any legislative proposal that they put on the table."

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