JOINS IN APPROVING BILL REDUCING FEDERAL SPENDING BY $5.8 TRILLION OVER 10 YEARS WITHOUT TOUCHING SOCIAL SECURITY OR MEDICARE

Washington, Jul 19 - "Our national debt exceeds $14.3 trillion and ever-increasing spending is putting us on the path to fiscal collapse," said Rep. Cliff Stearns (R-Sixth). "The President is demanding that we approve an increase in the debt limit by $2 trillion while he fails to put forth any plan to reduce federal spending. Instead of increasing our dependence on borrowed money from China and other nations, this measure will help us assert control over our own fiscal destiny without touching Social Security or Medicare."

Stearns voted today with the House to approve H.R. 2560, the Cut, Cap, and Balance Act. H.R. 2560 reduces this year's discretionary spending by $31 billion and mandatory spending by $51 billion from last year's levels. In addition, it caps federal spending at under 20 percent of America's gross domestic product, saving $5.8 trillion over 10 years. In addition, it conditions an increase in the debt limit on passage of a Balanced Budget amendment by Congress.

Added Stearns, "When a family exceeds its credit limit, responsible parents tighten the belt and cut spending; Congress and the White House must do the same. Increasing the debt limit without addressing federal spending merely delays this nation's financial insolvency."