Smith to Vote for Budget Control Act
Jul 29, 2011 -
Congressman Lamar Smith will today vote for the Budget Control Act of 2011. This bill would cut federal spending by more than the debt ceiling is increased.
“The United States is facing a fiscal crisis, caused by excessive government spending. The federal government is now borrowing 42 cents for every dollar it spends. No family, no community, no business, no country can afford to do that.
“I have long believed in fiscal responsibility. I was a member of the Budget Committee when we achieved the first balanced budget in over twenty years. I have co-sponsored balanced budget amendments to the Constitution. And I have voted against raising the debt limit in the past.
“I support this legislation because it meets two important goals – it cuts spending by more than it raises the debt ceiling and it doesn’t raise taxes. Tax increases have never created jobs. This is the first battle in a long war on reckless government spending. We must continue to put restraints on future spending. This bill is a step in the right direction though many more steps are needed.”
The Budget Control Act of 2011:
· Requires the House and Senate to vote on a balanced budget amendment before the end of the year.
· Saves $917 billion over ten years, and raises the debt ceiling by less –$900 billion.
· Includes no tax hikes.
· Creates a Joint Committee of Congress that is required to report legislation that would reduce federal spending by another $1.8 trillion over 10 years.