Congressman Bob Goodlatte issued the following statement after it was announced that President Obama would veto the Cut, Cap and Balance Act:
"This week the House is planning on taking up the Cut, Cap and Balance Act which would cut government spending immediately, cap spending over the next ten years, address the debt limit crisis so that the U.S. doesn't default on our obligations, and make the enactment of a debt limit increase contingent on Congressional approval of a balanced budget amendment like the one I introduced on the opening day of this Congress.
No one wants the U.S. to default on our obligations. That is why House Republicans have proposed a solution that allows us to address this impending crisis while also reversing the culture of spending that exists in Washington.
I am extremely disappointed in the President's veto threat of the Cut, Cap and Balance Act, which represents the first vote in either the House or the Senate that has a good prospect of passage and deals with the debt and spending crisis head on.
Instead of just proposing massive new tax increases, it's time the President and Congressional Democrats actually work together with Republicans to cut spending and enact institutional reforms such as passing a balanced budget amendment, that will bind the federal government's hands and cut up its credit cards, bringing fiscal sanity back to Washington."
Rep. Goodlatte, who has long been a supporter of a balanced budget amendment to our Constitution, introduced H.J. Res 1, a balanced budget amendment to the Constitution which also requires a super majority vote to raise taxes and includes an annual cap on federal government spending.
Additionally, Rep. Goodlatte has introduced H.J.Res. 2, which simply requires that total spending for any fiscal year not exceed total receipts. This legislation is supported by a majority of the House of Representatives and is the same legislation that passed the House of Representatives in 1995 and fell one vote short in the Senate.