Shuster to Vote for Cut, Cap and Balance PlanTuesday July 19, 2011
Washington, DC – Congressman Bill Shuster will vote today for passage of the Republican “Cut, Cap and Balance” plan that will address the debt ceiling and place limits on federal spending.
“It is time for leadership in Washington on the debt issue and that is why I will vote in favor of the House Republican Cut, Cap and Balance plan later today.
We are now two weeks out from the August 2nd deadline to avoid defaulting on our nation’s obligations. Negotiations between Congress and the White House have been stalled because of President Obama’s refusal to show leadership in forging an agreement to avoid a dangerous default on our sovereign debt.
There is no question we are in a spending-driven debt crisis. We are now borrowing over 40 cents of every dollar spent in Washington. In his first two years in office, President Obama has added more to our national debt than was added between 1776 and 1992. To end the crisis we must end reckless unrestrained and unsustainable spending. The Cut, Cap and Balance plan is a good first step in changing the culture of spending in Washington.”
The House Republican Cut, Cap and Balance plan will:
• Immediate Spending Cuts totaling $111 billion in FY2012;
• Enforceable Spending Caps to bring spending in line with the historic average of 20% of GDP;
• Balance the Budget through a requirement to pass a Balanced Budget Amendment in order to raise the debt limit.