U.S. Senators Thad Cochran and Roger Wicker, along with Congressmen Gregg Harper, Alan Nunnelee and Steven Palazzo, all R-Miss, today announced that they support passage of compromise legislation that links significant federal spending cuts to an increase in the nation's debt limit.
The House on Monday approved the bill on a 269-161 vote, and the Senate is expected to vote Tuesday. The package mandates $917 billion in budget cuts over 10 years in exchange for increasing the debt limit by $900 billion. It also sets the framework for an additional $1.5 trillion in savings over 10 years.
"I will vote for this legislation because it cuts spending and is necessary to prevent the United States from defaulting on its obligations. I see this measure as a significant step forward in the long process of getting our fiscal house in order. It locks in immediate spending cuts without increasing taxes, and will lead later this year to an up-or-down vote in Congress on more than a trillion dollars in additional savings and reforms. Efforts to reduce spending, control debt and foster an economic environment that creates jobs will not end with this legislation," Cochran said.
"The Budget Control Act makes real spending cuts and represents a change in direction for Washington," said Wicker. "The President wanted a blank check, but we succeeded in cutting Federal spending, preventing tax increases, and moving toward a Balanced Budget Amendment. While not perfect, this legislation is an important step in the right direction."
"The House of Representatives voted this evening to make a down payment on placing our fiscal house in order," Harper said.
"The American people have had enough of empty promises and budget gimmicks. That's why from day one we have been fighting to change Washington's broken political system. While this agreement is not the ultimate solution to our spending-driven debt crisis, it offers a historic change in direction. This legislation allows America to honor its financial obligations while giving us the framework to cut spending immediately, control future spending and put methods in place to hold Washington accountable," said Nunnelee.
"House Republicans were sent to Washington on a mandate to hold President Obama's feet to the fire on spending. Never in history have spending cuts been enacted at this magnitude. However, the battle over the budget will continue. By taking control of the White House and the Senate in 2012, Republicans will be able to further reform government spending and save the American dream for future generations," Palazzo said.