While it might not have been as strong as last month's Cut, Cap and Balance Act according to U.S. Rep. Coble (R-NC), the 6th District representative today said he voted for the legislation to increase the nation's debt ceiling. Congressman Coble said that given a divided government, it was the best deal obtainable on the brink of the deadline of when the government's borrowing authority expires. The legislation passed the House by a vote by 269-161.
"I voted for the bill because it cuts government spending at a greater amount than it increases the debt ceiling," Rep. Coble said. "We did that without raising taxes, without harming Social Security and Medicare, while at the same time, putting us on the path to enact a balanced budget amendment to the Constitution. "
Congressman Coble did not think it was the 11th hour when it came to working out a debt ceiling deal, but given the political circumstances, it was prudent to act now. "I think in many instances the deadline of August 2 was overblown," Rep. Coble said. "For argument's sake, let's assume if we had done nothing prior to August 2, the end of the world would not have occurred on August 3. I don't mean to dismiss the importance of getting this thing resolved, and that is why I voted for this bill. I think the time has come to resolve the issue because we don't want to tempt fate that America's credit rating could be diminished."
Rep. Coble said the constitutional amendment feature was important to him. "I think this bill is going to streamline the process for us to get to a balanced budget amendment to the Constitution," Rep. Coble added. "I think the steps we took today will put us on the glide path towards a balanced budget amendment. "I hope that we will be sending a constitutional amendment to the various states soon. It is the only sure-fire way to make the federal government spend no more than it collects."
The Senate has to approve the bill and President Obama must sign it before it will go into effect.