WASHINGTON, DC . . .  Today the House passed H.R. 2560, The Cut, Cap, and Balance Act of 2011, the Republican proposal to resolve the ongoing debt ceiling debate. Rep. Ralph Hall (TX-04) joined 234 House Members in voting in support of the bill, and submitted the following statement during debate on the House Floor:

"We all know that America faces financial crossroads. The national debt is $14.3 trillion, equaling more than 95% of our entire economy. The deficit crisis is a result of too much government spending, a weak economy, and high unemployment. One of the first steps we can take is simple: stop spending money we don't have.

 "The President is asking for a $2.4 trillion increase in the debt ceiling to meet our nation's obligations. The national debt has increased by $3.7 trillion since President Obama took office, and many of us would like to vote 'no' on any debt ceiling increase because we do not want to give this President any more spending authority.

"At the same time, it is also important to consider what would happen down the road if Washington refusesto deal with the debt crisis. Without a real, long-term debt reduction, America's credit rating could be jeopardized, resulting in increased borrowing costs for America, and increased consumer costs for Americans.

"That said, I cannot, in good conscience, vote for any debt ceiling increase unless significant cuts are made. The Cut, Cap, and Balance Act of 2011 is a viable alternative which I support. This bill makes real spending cuts and reforms needed in order to get our debt under control."

The Cut, Cap, and Balance Act will:

• Cut total spending by $111 billion in fiscal year (FY) 2012, and around $5.8 trillion over ten years. These cuts will NOT affect Medicare,  Social Security, or veterans spending, and will keep the Defense budget at the President's levels;
• Scale federal spending back, bringing spending back to 19.9% of Gross Domestic Product (GDP) to its average level over the past thirty years; and
• Require the passage of a Balanced Budget Amendment (BBA) to the Constitution before any debt ceiling increase can take place. The BBA entails a super-majority to raise taxes, and puts a limit on spending as a percentage of GDP.   

Hall continued, "I have been a longtime supporter and co-sponsor of a balanced budget and an amendment to the Constitution that would require the federal government to live within its means. The BBA would permanently mandate Congress to pass a budget every year that would force the government to spend only what it takes in. American families and 49 states balance their budgets every year, and it is crucial to America’s economic security that the federal government should do the same.

"I will continue to work with my colleagues to cut spending and balance the federal budget. My constituents have made clear their expectations of a more frugal Washington, and I will continue to represent their views as we work to achieve fiscal discipline in Washington."

CLICK HERE to read the bill in its entirety.

 

Upwards of 178 other groups support Cut, Cap, and Balance, including:

National Taxpayers Union

FreedomWorks

Club for Growth

Citizens United

Americans for Prosperity

Concerned Women for America

The Christian Coalition of America

60 Plus

Americans for Tax Reform

Council for Citizens Against Government Waste

Heritage Action for America

Liberty Counsel Action

National Taxpayers Union

Traditional Values Coalition

Mommy Lobby

Southern Baptist Ethics & Religious Liberty Commission

 

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