(Washington, D.C.) Today, the House of Representative voted on the Budget Control Act of 2011 to reduce spending by $917 billion and increase the debt ceiling by $900 billion. In addition, the bill would create a commission to identify a further $1.6 trillion in savings by the end of this year and require both houses of Congress to vote on a Balanced Budget Amendment.

Graves released this statement on his vote for the bill:

“Today’s vote is a down-payment on the tough choices that must be made to get our spending under control in the coming months and years ahead. It also would require an up or down vote in both chambers on a balanced budget amendment.

I would rather the Senate and President had agreed with our plan to cut, cap and balance our budget. However, they did not and compromise was necessary.

This bill is not perfect and it is only the first step. However it is a necessary first step. These are meaningful and serious changes to the spending status quo. The spending habits of Washington for the last five decades have finally caught up with us.

International credit ratings agencies warn us that they will downgrade our triple-A bond status if we do not act to address our spending. That move would cause a negative ripple effect on anyone who needs a loan, has an investment or is looking for a job.

Similarly, I do not believe that a default on our debt would be good for an economy that is already struggling to create jobs. America should pay its debts. However we cannot simply raise the debt ceiling and postpone the tough choices that need to be made any longer.

The House has now passed two different plans to end this crisis. It is time for the Senate and President to join us in safeguarding our economy and to begin making the tough choices necessary to return our country to a fiscally responsible course.”

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