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Cut, Cap, and Balance Act of 2011

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. GIBBS. Mr. Speaker, I rise today in strong support of Cut, Cap, and Balance. Out-of-control spending by the Federal Government has driven our country to the brink of financial meltdown.

Our Nation's debt crisis was easily predictable. In recent years, America has watched as the size of the Federal Government has ballooned and deficit spending has reached dangerous levels. Yet despite the warning, Congress stuck with business as usual--more spending, more regulations, and bigger government. It's time to put an end to business as usual for the good of the country. Our country needs it, the American people demand it, and the future of our grandchildren depends on it.

This legislation puts us on the path of fiscal responsibility, brings certainty, and restores private sector confidence. The naysayers say we can't do this. They argue for tax increases on our job creators. This measure will unleash the private sector and result in more revenues to ensure strength in Social Security, Medicare, and other needed programs.

Just raising the debt ceiling without spending cut reforms according to Moody's and Standards & Poor's will probably lead to a downgrade of U.S. paper and a downhill spiral, higher interest rates, higher taxes, and less opportunities. I urge the support of this and to cut spending now instead of 6 to 10 years from now.

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