Today, House Majority Leader Eric Cantor (R-VA) released the following statement about the need to pass a budget that reduces spending:
"It was great to spend time with all the members of our conference and their families. We heard some inspiring stories from some incredible people, like Erik Weihenmayer who was the first blind person to summit Mt. Everest.
"We spent a great deal of time discussing how we can help restore a healthy economy and stop piling debt onto our children and grandchildren. It's common sense that we cannot afford to stay on the same borrowing and spending path we are on.
"Fitch Ratings agency recently said, if the debt limit is raised without substantive deficit reduction, our nation's credit rating could be downgraded. The President's plan to simply borrow more money without any reform in Washington puts us all at risk.
"The first step to fixing this problem is to pass a budget that reduces spending. The House has done so, and will again. The Democratic Senate has not passed a budget in almost four years, which is unfair to hardworking taxpayers who expect more from their representatives. That ends this year.
"We must pay our bills and responsibly budget for our future. Next week, we will authorize a three month temporary debt limit increase to give the Senate and House time to pass a budget. Furthermore, if the Senate or House fails to pass a budget in that time, Members of Congress will not be paid by the American people for failing to do their job. No budget, no pay.
"This is the first step to get on the right track, reduce our deficit and get focused on creating better living conditions for our families and children. It's time to come together and get to work."