Congressman Renacci's Statement on the House Plan to Avoid Default and Make Necessary Cuts

Statement

Today, Congressman Jim Renacci (OH-16) released the following statement on the plan introduced in the House of Representatives to cut spending and avoid a federal government default:

"The bi-partisan solution introduced by Speaker Boehner prevents a federal government default, while at the same time it targets the runaway spending that got us here in the first place. This plan cuts our deficits by $3 trillion, caps future spending and provides a path for adoption of a balanced budget amendment to the U.S. Constitution. These cuts are needed to preserve our nation's credit rating and they exceed the size of the increase in borrowing included in the bill. I urge my colleagues in the House and Senate to pass this proposal and get it to the President's desk before we risk doing serious damage to America's credit rating and economy."

Congressman Renacci is serving his first term in the U.S. House of Representatives, where he is a member of the Financial Services Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.

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