Today in the U.S. House of Representatives, Congressman Billy Long voted in favor of the Budget Control Act of 2011, a bipartisan bill that would cut excessive federal spending, create enforceable spending controls, form a deficit reduction committee, establish a balanced budget vote provision, and prevent America from defaulting on debt obligations.
"The Budget Control Act of 2011 might not be perfect, but it is a step in the right direction," said Long. "It has real spending cuts, tough spending controls, a balanced budget provision, and no tax increases. The simple truth is that in just seven months, the debate in Washington has changed from "How much can we raise taxes?' to "How much can we cut spending?'"
The Budget Control Act makes a down payment on severe spending reforms with cuts and controls totaling $917 billion over the next decade. The bill reduces the FY2012 budget deficit by $17 billion and holds federal spending below FY2010 levels until FY2016. With the formation of the Joint Select Committee, Congressman Long is optimistic a serious plan to achieve another $1.5 trillion in deficit reduction can be produced by November of this year.
"No one knows the ramifications of not passing a debt ceiling increase and this plan prevents us from finding out, said Long." "When Republicans only control 1/2 of 1/3rd of the government, this is about as good of a deal as we are going to get."
At the end of President Bush's second term, the national debt -- accumulated over 43 presidents during our nation's entire history -- stood at $10 trillion. In just two years, President Obama has managed to increase the federal deficit by over $4.3 trillion, or 40% since he was sworn into office on January 20, 2009. That is morethan $45,000 for every American man, woman, and child.
"The warnings from the ratings agencies such as Moody's and Standard & Poor's needs to be a wakeup call to Congress," said Long. "Families in Southwest Missouri know they cannot spend 42% more than they take in and neither can the federal government."
Long made reducing federal spending one of his top priorities when he came to Washington. Before a bill becomes law it must pass both chambers of Congress and be signed by the President.