Today, the House of Representatives and U.S. Rep. Bill Huizenga, MI-02, in a bipartisan vote rejected the Reid bill 173-246 because it does not meet the basic responsible principles required to address the debt and spending crisis, including that it does not cut spending as much as it raises the debt ceiling, and uses unrealistic and dangerous gimmicks, including pulling out of the Iraq and Afghanistan Wars, to gain political points rather than achieve real change.
Yesterday, Moody's Investors Services said, "the limited magnitude of current deficit reduction proposals suggest that even a timely increase in the debt ceiling will lead to the assignment of a negative outlook on the rating.'
After voting against the insubstantial proposal, Huizenga said:
"I cannot vote for a bill that does not address the long-term trajectory of our spending, the basic requirement in any deal now to ensure America's economic security in the aftermath of this debt and spending debate. The House passed first Cut, Cap, and Balance and then the Budget Control Act because it moved toward the Senate and President's demands while fulfilling the basic requirements of controlling spending in the long term and implementing necessary accountability with a required Balanced Budget Amendment to the U.S. Constitution. We need to focus on sound fiscal principles for future generations, not scoring political points for the next election. Enough is enough. No more budget tricks. No more accounting gimmicks. No more empty promises. Too much is at stake to gamble with the taxpayers' dollars."
The House and Senate continue to negotiate on a bill to address the debt crisis and spending debate; stay tuned for the latest news.