In Support of “Cut, Cap, and Balance”

In Support of “Cut, Cap, and Balance”

Mr. Speaker, I rise in support of H.R. 2560.  It is important for the President and Congress to reach a final agreement on the debt ceiling that helps restore fiscal responsibility in Washington, honors America’s obligations, and puts our nation back on the path to prosperity. 

Addressing our spending and debt problem is critical to our Nation’s long-term economic and national security.  With unemployment increasing to 9.2% in June, it is clear that our economy will continue to struggle until Washington demonstrates the ability to get spending and debt under control.  And as Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, has stated, our national debt is the biggest threat to national security. 
   
The “Cut, Cap and Balance” bill before us addresses our nation’s spending and debt challenges in a manner that stops delaying hard decisions.  We cut spending by $111 billion now, cap spending in future years at less than 20% of GDP, and send a Balanced Budget Amendment to the states for ratification.  The bill protects veterans’ benefits, Medicare, and Social Security from spending cuts.  The spending cap would reverse the trend in recent years that has caused spending to rise to 25% of GDP.  The Balanced Budget Amendment would impose a similar requirement for annually adopting a balanced budget as currently exists in 49 states, recognizing only a common-sense exception for defense under limited circumstances. 
 
At $14 trillion, our national debt is quickly approaching 100% of GDP.  The federal government is borrowing 40 cents of every dollar it spends.  America cannot continue on this unsustainable fiscal path.  The “full faith and credit” of the United States government depends on Congress acting.
Thank you.  I yield back the balance of my time.