A Bipartisan Budget Compromise

A few hours ago, the Senate passed the bipartisan Obama-Boehner-Reid compromise bill that raises our national debt ceiling and cuts $2.1 trillion in spending over the next decade. I voted in favor of this compromise when it passed the House last night, and it now goes to President Obama’s desk for his signature.

The compromise agreement passed by Congress will cut spending by more than it increases the debt ceiling and places caps on future government spending. It also requires both the House and the Senate to hold an up-or-down vote on a Balanced Budget Amendment to the Constitution, a measure that I believe is critically necessary to getting our long-term spending addiction under control.

This morning’s news that consumer spending declined in June, combined with our anemic GDP growth, proves that our economy is on the edge of another recession. The last thing our economy needs is a massive tax increase that takes money out of the pockets of American consumers and job creators. The compromise passed today does not raise taxes.

Throughout this debate, I’ve consistently expressed my desire for a responsible, bipartisan solution. I’ve said that I believe that any increase in the debt ceiling must be tied to substantial spending cuts, that the debt ceiling should be raised without increasing taxes on American families and small businesses, and that any deal must protect and preserve the entitlement programs that our most vulnerable citizens rely on.

While the legislation I supported last night meets these criteria, it is not perfect. It is not an instant cure for years of Washington’s overspending. It is, instead, a solid step in the right direction towards getting our fiscal house in order.

Over the last week, thousands of my constituents from across the 7th District have called, e-mailed, written letters and visited our offices to voice their opinion on the debt ceiling debate. The message they sent was clear: they want a common sense, bipartisan resolution that tackles our spending addiction, strengthens our economy and protects promised benefits. I’m pleased that members of both parties were able to put the needs of our economy above petty partisanship and work together to reach an agreement.

Tags: debt