Congressman Lamar Smith (R-Texas) today issued the following statement regarding the House of Representatives passage of legislation that cuts federal spending by more than the debt ceiling is increased. The bill also advances efforts by Republicans to pass a Balanced Budget Amendment to the Constitution that makes permanent cuts to federal spending that cannot be undone by future congresses. Congressman Smith is a co-sponsor of H.J. Res. 1, the Balanced Budget Amendment.
Congressman Smith: "I support this legislation because it keeps the two promises Republicans made to the American people: it cuts spending by more than it raises the debt ceiling and it doesn't raise taxes. Tax increases have never created one job -- unless you count the IRS in Washington.
"This bill cuts federal spending by as much as $2.4 trillion over the next ten years. It also requires both the House and Senate to take an up-or-down vote on a balanced budget amendment that would prevent future congresses from undoing much-needed spending cuts.
"The big government, big spending policies of the Obama administration are bankrupting our nation. Under President Obama, federal spending has increased 16% in just the last two and a half years. That kind of excessive government spending is unsustainable.
"This is the first step in a long journey, but at least we have turned the corner and are headed in the right direction. We must continue to enact legislation that reduces the deficit, cuts government spending, encourages economic growth and generates jobs for American workers. Our future prosperity as a nation depends on it."