Congressional leaders have diligently negotiated throughout the weekend and have produced a plan that will avoid a national default. Earlier today, the nonpartisan Congressional Budget Office (CBO) confirmed that this proposal would reduce federal deficits by at least $2.1 trillion over the next 10 years.
The "Budget Control Act of 2011" would cut and cap spending by $917 billion over 10 years, exceeding the $900 billion debt limit increase. This legislation also creates mechanisms for additional budget savings of $1.5 trillion over the same time period and requires both houses of Congress to vote on a Balanced Budget Amendment this year.
When debt increase discussions began, the White House initially demanded a clean debt limit hike with no spending reductions or budget reforms. The administration then shifted to a "balanced approach," demanding equal parts spending cuts and tax hikes. Ultimately the agreement will cut government spending more than it increases the debt limit, implement spending caps to restrain future spending and advance the cause of a Balanced Budget Amendment, all without increasing taxes.
This Republican framework adopted by Democratic legislators does not violate my conservative principles and aligns with my commitment that Congress must act immediately to drive down spending and shrink the size of the federal government.
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Member of Congress