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Reid Bill Needs Long-Term Plan to Control Spending, Reduce Debt

Statement

By:
Date:
Location: Washington, DC

Congressman Bill Posey (R-Rockledge) released the following statement regarding today's vote:

"Today I joined a bipartisan majority of my House colleagues in rejecting Senator Reid's bill to give the Administration their requested debt ceiling increase of $2.4 trillion using questionable accounting tricks to fabricate spending cuts. This is not a serious approach to solving our debt crisis. What's needed is a credible plan to control spending over the long-term so our children and grandchildren are not saddled with a massive debt they have no hope of ever repaying. Washington needs a Balanced Budget Amendment.

"In 1997, the Balanced Budget Amendment to the United States Constitution passed the House, but fell one vote short in the Senate. That year the national debt was $5.4 trillion. Since that failure, the national debt has grown by 265% to more than $14.3 trillion -- $4 trillion of that debt having been accumulated in just the past 32 months.

"A Balanced Budget Amendment to the Constitution would require the federal government to live within its means with our tax dollars. It would also ensure that we do not go further into debt. Currently, there are 21 Democratic Senators who have supported a Balanced Budget Amendment in some form in the past. There's no reason why it can't pass if allowed a fair debate and a full vote in the Senate."


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