Roe Statement on the Budget Control Act
WASHINGTON D.C. – U.S. Congressman Phil Roe, M.D. (TN-01) issued the following statement regarding the Budget Control Act:
“We’ve got to do something to restore the financial stability of this country. The federal government cannot continue to tax, borrow and spend its way to prosperity because this path is unsustainable. To avoid a downgrade on our bond rating, I supported the Budget Control Act, which raises the debt limit in exchange for enacting enforceable spending cuts and requiring a Balanced Budget Amendment to be sent to the states.
“The Budget Control Act is by no means a perfect bill; however, it is a step forward to instituting real spending cuts.
“If the Senate fails to pass this legislation and the government defaults on its debt, this will mean higher interest rates that will increase the cost of borrowing for credit cards and loans. If higher interest rates lead to inflation, we’ll all lose purchasing power as costs rise. The consequences could be catastrophic for our economy.
“It’s time to cut wasteful spending, control future spending and allow the government to pay its bills. This is about our country, our way of life and restoring confidence in the American Dream.”
For the first time in the history of modern federal budgeting, House Republicans will cut discretionary federal spending for two straight years. Analysis by the House Budget Committee shows the GOP Budget Control Act achieves roughly 66 percent of the discretionary spending cuts in the House-passed budget. The GOP bill cuts and caps spending by $917 billion over 10 years – $22 billion in FY2012 alone – and will prevent a national default that would hurt private-sector job growth. Change to the bill would specify that before the President can request second tranche of debt authority, Select Committee must produce spending cuts larger than the hike AND a Balanced Budget Amendment must be sent to the states.