Rep. Scott Garrett, Vice Chairman of the House Budget Committee and Chairman of the Budget and Spending Task Force for the Republican Study Committee (RSC), issued the following statement today after Senate Democrats voted to table the consideration of the Cut, Cap and Balance Act passed by the House earlier this week:
"It is very disappointing but hardly surprising that the Senate Democrats failed to even consider the Cut, Cap and Balance plan. Earlier this week, House Republicans boldly demonstrated that we are committed to tackling our nation's serious debt crisis by passing a common-sense plan that puts us back on a sustainable fiscal path.
"Our national debt currently exceeds $14 trillion and projections show us heading for certain economic disaster if we do not act. Cut, Cap and Balance makes necessary spending cuts today, caps spending tomorrow and protects future generations from facing these problems by enacting a balanced budget amendment. This is not only the right solution to satisfy the President's request to raise the debt ceiling while also confronting our fiscal situation, but it is the only serious plan that has actually been put on the table.
"The credit rating agencies have made it abundantly clear that simply raising the debt ceiling alone would not prevent the U.S. credit rating from being downgraded, but that serious steps must be taken to address the sky-rocketing debt and out-of-control spending. Cut, Cap and Balance is exactly the right prescription to avoid this disaster. Make no mistake about it; Senate Democrats dodged their responsibility to preserve the full faith and credit of the United States by killing this legislation today."