Washington, D.C. – Congressman David Schweikert (R-AZ) issued the following statement, Tuesday, on the passage of the Cut, Cap and Balance Act, H.R. 2560:
“We are $14.5 trillion in debt, borrow nearly 42 cents of every dollar, and have been spending rampantly for decades. Even Moody’s has made it clear that the U.S. will be downgraded, our credit rating damaged, and potential borrowing will be extremely difficult if we don’t get our debt under control.
“But today, the House of Representatives voted to change all of that and draw a line in the sand against the big spenders in Washington.
“It has been clear for quite awhile that our current borrow-and-spend economic path is unsustainable and devastating to jobs and the economy.
“While the President and the Senate Majority have refused to lead and propose a credible plan, House Republicans have done so yet again. This commonsense legislation, of which I am a proud cosponsor, will require Washington to balance its budget and ensure out-of-control spending and borrowing no longer remain the status quo.
“Cut, Cap, and Balance will cut spending by $111 billion in Fiscal Year 2012, impose fiscally responsible spending caps, and amend the Constitution to require Congress to pass a Balanced Budget Amendment before raising the nation’s debt limit.
“Though I am sorely disappointed with the Senate’s inaction and the President’s threat to veto this legislation, I am optimistic that they will soon acknowledge the severity of our debt crisis and stop playing politics with the economic stability of this country.
“This is a real, genuine path to prosperity, and I am proud to join my Republican colleagues in supporting Cut, Cap, and Balance.”