Congressman Duncan Hunter announced today that he will support House Speaker John Boehner's debt reduction plan.
"Over the last couple months, bipartisan negotiations on the debt limit have identified almost $1 trillion in budget savings," said Congressman Hunter. "The Boehner plan takes those cost savings and, for the first time in history, attaches them to an increase in the debt limit. In total, the plan saves $917 billion over ten years, which is more than the debt ceiling increase. This amounts to significant savings and offers a reasonable approach toward achieving substantive debt reduction over the long-run.
"The Boehner plan keeps the country on offense. It's a plan that keeps us moving in the right direction while protecting the country's economic interests.
"However, in the last two days, Senate Majority Leader Harry Reid has derided the Speaker's plan, in some way suggesting it's incompatible with his vision on the debt limit when the spending cuts in the proposal were settled weeks ago. Regardless of whether Harry Reid wants to admit it, the plan the House is voting on today is perhaps the last chance for the Senate to do what's right."
As confirmed by the nonpartisan Congressional Budget Office, the House plan will:
* Cut and cap spending by $917 billion over ten years--which is more than the $900 billion debt limit increase;
* Cut $22 billion in spending for FY2012 and hold spending below FY2010 levels until FY2016;
* Continue reducing discretionary spending each year compared to the President's budget ($96 billion in 2012, $118 billion in 2013, $115 billion in 2014, $117 billion in 2015, and so on); and
* Require Congress to draft proposals to produce reductions of at least $1.8 trillion that help protect programs like Medicare and Social Security from bankruptcy.