"For too long, Washington has played the game of raising the debt ceiling without a long-term plan to reduce spending and solve the debt crisis facing this country. It's time to stop passing the buck to the next generation. Americans expect our leaders to work together to fix the challenges we are facing.
At this critical time, the Budget Control Act of 2011 takes a significant step in the right direction. It incorporates ideas from both sides while adhering to the core principles of fiscal responsibility we have been fighting to accomplish since day one. It will reduce spending more than the increase to the debt limit; it imposes no new taxes on anyone; and it guarantees House and Senate passage of a balanced budget amendment before any additional debt limit increase. The Budget Control Act would cut and cap discretionary spending immediately, cutting $22 billion in spending next year, and saving $917 billion over ten years, and raise the debt ceiling by less -- up to $900 billion -- in order to avoid default.
Today's bill is a good first step that meets the President's request to raise the debt ceiling, in exchange for responsible spending reductions and reforms to get our fiscal house in order. It is my hope the Senate acts quickly and takes up this bill."