Today in the nation's capital, Congressman Billy Long voted in favor of the Budget Control Act, a bill that cuts excessive federal spending, creates enforceable spending controls, establishes a deficit reduction committee, and sends a balanced budget amendment to the states.
"The Budget Control Act is the only serious proposal that addresses our country's debt crisis," said Long. "It has real spending cuts, tough spending controls, a balanced budget provision, and no tax increases. While the party of Obamacare is busy lecturing Republicans on bipartisanship, Republicans have provided yet another common sense solution to tackle our country's debt and get our fiscal house in order."
The Budget Control Act makes a down payment on serious spending reforms with cuts and controls totaling $917 billion over the next ten years. The bill cuts the FY2012 budget deficit by $22 billion and holds spending below FY2010 levels until FY2016. With the formation of the Joint Select Committee, Congressman Long is optimistic a credible plan to achieve another $1.8 trillion in deficit reduction can be produced by November.
"No one knows the ramifications of not passing a debt ceiling increase and this plan prevents us from finding out, said Long." "When Republicans only control 1/2 of 1/3rd of the government, this is about as good of a deal as we are going to get."
At the end of President Bush's second term, the national debt -- accumulated over 43 presidents during our nation's entire history -- stood at $10 trillion. In just two years, President Obama has managed to increase the federal deficit by over $4.3 trillion, over 40% since he was sworn into office on January 20, 2009. That is morethan $45,000 for every American man, woman, and child.
"The warnings from the ratings agencies such as Moody's and Standard & Poor's need to be a wakeup call to Congress," said Long. "Families in Southwest Missouri know they cannot spend 42% more than they take in and neither can the federal government."
Long made reducing federal spending one of his top priorities when he came to Washington. He, along with other House Republicans, voted to raise the debt ceiling with the Plan for Prosperity (Ryan Budget), Cut, Cap, and Balance, and the Budget Control Act. Before a bill becomes a law it must pass both chambers of Congress and be signed by the President.