Press Releases

Congressman Larry Bucshon (IN-08) voted in favor of the Budget Control Act of 2011.  The bipartisan measure passed with a vote of 269-161.

            “This is the first step in the long process to restore fiscal responsibility to our nation.  We cannot continue to kick the can down the road to future generations.  Maintaining our nation’s ‘AAA’ credit rating is an important measure that had to be considered.  While I would have liked to have seen more immediate cuts in spending, I realized that we needed to provide certainty to our financial markets, job creators, and our creditors that we will not default on our nation’s debt.  This measure remains consistent with my conservative values of not raising taxes, cutting spending now, capping it in the future, and requiring a vote on a Balanced Budget Amendment.  The fact is that President Obama and the liberals in Washington, D.C. have prevented us from doing more.  We will continue this fight.

           The raising of the debt ceiling is indicative of past, out-of-control spending policies that we must put to an end.  We cannot continue to borrow and spend our way to prosperity as the Obama Administration has attempted to do.  I will not allow President Obama to have a blank check.  I am encouraged that the tone in Washington, D.C. has changed from one of spending without consequence to one of living within our means.”

Background:

In its current form, the Budget Control Act of 2011would tie a short-term $900 billion increase to our debt limit to real cuts and caps in spending totaling $917 billion, the bill includes no tax hikes. These spending cuts would apply to FY’s 2013-2021 and apply to mandatory and discretionary programs.  Programs such as Social Security, Medicaid, veterans’ civil and military pay would be exempt from cuts.

The legislation creates a bipartisan Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.5 trillion over 10 years.  In addition, the proposal requires a vote on a Balanced Budget Amendment before the President can request the second raise in the debt limit.  This process is designed to guarantee that Congress takes action on the Joint Committee’s legislation to cut spending.

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