U.S. Rep. Vern Buchanan, R-Fla., in a speech on the House floor today, said he supports legislation that slashes nearly a trillion dollars in spending and avoids the nation's first default in history without raising taxes. The "Budget Control Act" is scheduled for a House vote later tonight.
"We need to cut spending, reduce the deficit, and avoid the dangerous prospect of plunging America into default," said Buchanan. "The bill before us today will accomplish that without raising taxes on the American people."
Treasury Secretary Tim Geithner has warned that America will slip into default unless Congress approves legislation raising the statutory borrowing limit by August 2nd.
Among other things, The "Budget Control Act" would do the following:
* Cut spending by $917 billion over the next 10 years.
* Reduce the deficit by $22 billion in FY 2012.
* Require a Joint Select Committee to report bipartisan legislation later this year cutting an additional $1.8 trillion.
"For too long, both parties have turned a blind eye to our government's budgetary mess," said Buchanan. "Congress and the President need to quit the partisan games and do what's in the best interest of America. The American people demand nothing less."
Additionally, Buchanan said that he would support a balanced budget amendment set for a Floor vote on Friday. The very first measure Buchanan introduced in Congress was a balanced budget amendment to the Constitution.
"We can't wait any longer," said Buchanan, citing the federal budget has been balanced only five times in the past 50 years. "49 out of 50 states, including Florida, have balanced budget requirements. Why should Washington be any different?"
Buchanan is a co-sponsor of the "Stop Pay for Members Act," legislation that would block members of Congress from receiving a paycheck should they fail to prevent the country from slipping into default.