Senator Ron Johnson (WI) released the following statement regarding the need to address spending as part of the debt ceiling debate:
"President Obama got what he demanded, a tax increase on the job-creating sector of America's economy -- "the rich.' It will harm economic growth, hinder new job creation and, at most, reduce our annual deficit by about 5%.
"President Obama then left town with 95% of the deficits still unresolved. Treasury Secretary Geithner issued a statement on December 31st that the nation had already gone over the debt ceiling cliff - $16.4 trillion. President Obama blew through the most recent $2.1 trillion debt ceiling in only 17 months. This fiscal path is clearly unsustainable.
"Now is not the time to declare victory and go on vacation. Now it is time for President Obama and Democrats in the Senate to show the American people their plans to save Social Security and Medicare, and to address the remaining 95% of our annual deficit which is projected to exceed $1 trillion for the fifth year in a row. This U.S. Senator will not vote to increase the debt unless serious spending reductions are part of the package.
"President Obama and Harry Reid got their tax increase. Where is their so-called balance? Where is their spending reduction plan? The clock is ticking towards a debt ceiling bubble that will explode in just a few weeks."