Congressman Jim Matheson today supported the "Cut, Cap and Balance" bill in the House, saying that now is the time to show bipartisanship and resolve in confronting America's debt crisis.
The legislation --HR 2650--has three components: it reduces non-security discretionary spending, saving $76 billion; it caps total federal spending over the next 10 years gradually lowering spending as a percentage of the total economy; and it requires that Congress pass a Balanced Budget Amendment before raising the current debt limit. The U.S. will hit the current debt ceiling two weeks from today.
"When families face tough financial times, they set a budget and enforce discipline to live within it. I have long supported cutting spending and adopting structural reforms to enforce budget discipline in Washington," said Matheson. "Neither party has a good track record in that regard. While this bill is not perfect, I believe it is important for Congress to address our debt crisis with significant proposals."
Matheson noted that several bipartisan, independent fiscal commissions have concluded that the only way to adequately address the debt crisis should include cuts and spending caps. Matheson also added that cuts must apply equitably across the board, and that there must be shared sacrifice.
Matheson said that this bill does not make any changes to Social Security, Medicare or veterans' spending.