FOR IMMEDIATE RELEASE: July 19^th, 2011

Paulsen Praises Passage of Cut, Cap, and Balance Act

Bill Would Require Passage of Balanced Budget Amendment

Washington, D.C. – To ensure that Washington adequately addresses our nation’s debt crisis, Congressman Erik Paulsen (MN-03) today voted for the Cut, Cap, and Balance Act of 2011 (H.R. 2560), which would cut and cap federal spending as well as require the passage of a Balanced Budget Amendment prior to raising the federal debt ceiling. By making real spending cuts and instituting real reforms in order to get spending and debt under control, this bill would protect the economy from losing our AAA credit rating.

“It took our nation 216 years to accumulate the same amount of debt that we have incurred in just the past two and a half years,” said Rep. Paulsen. “The status quo is simply unacceptable. I supported the Cut, Cap and Balance Act because it’s the only plan out there that makes the reforms needed to get our run away debt under control and protect our economy from losing our AAA credit rating. With millions of Americans out of work, we need to jump start the economy and control spending here in Washington, and Cut, Cap and Balance is a path forward in doing just that.”

Details on the Cut, Cap and Balance Act of 2011:

·         Cut – Would cuttotal FY 2012 spending by $111 billion.

·         Cap – Total federal spending would be capped at 22.5% of GDP for FY 2012, and reducing to 19.7% in FY 2018.

·         Balance – Would require the passage of a Balanced Budget Amendment before raising the nation’s debt ceiling.

View Rep. Paulsen's Floor Speech HERE.

Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation currently serves on the House Ways and Means Committee, and is co-chair of the Congressional Korea-U.S. Free Trade Working Group and co-chair of the House Medical Technology Caucus.

For more information on Rep. Paulsen’s work in Congress, please visit www.paulsen.house.gov.

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