Thompson Discusses Passage of Budget Control Act Agreement

Aug 2, 2011

Washington, D.C. – Representative Glenn ‘GT’ Thompson delivered the following remarks during a radio address upon Senate passage of the Budget Control Act of 2011. The measure, which passed the Senate by a vote of 74-26, was signed into law Tuesday afternoon by President Barack Obama. With Thompson’s support, the Budget Control Act yesterday passed the U.S. House of Representatives by a vote of 269-161.  

Remarks as prepared for delivery

As many know, America’s federal budget deficits have reached historically high and unsustainable levels since 2009 and spending is at its highest levels since 1945.

Today, America faces a national debt totaling almost $14.4 trillion and the federal government now has to borrow about 40 cents of every dollar it spends. If you do the math, each child now owes about $26,000 - immediately after being born.

That’s why over the last several weeks Congress has been engaged in a debate over the serious issue of America’s finances and our ability to reign-in a looming debt crisis.  

This week, Congress took action through passage of the Budget Control Act of 2011, which I voted to support.

The Budget Control Act creates a process for the president to increase the debt limit following the enactment of spending cuts and other deficit reduction measures.

Americans have made clear they’re fed up with the oppressive spending binge in Washington that threatens our nation’s future. 

Under the bill, before President Obama can receive a single dollar of increased debt authority, it must be preceded by enactment of more than a dollar of spending cuts.  This principle of “cut more than you hike” is applied throughout the bill. 

The measure also places tough caps on future spending – restraining the growth of government so the economy can get back to creating jobs – while guaranteeing the American people a vote in both houses of Congress this fall on a balanced budget amendment to the Constitution.

Additionally, the measure also says no to the President’s proposed tax hikes. 

American families, especially those in rural America, have had to tighten their belts and do more with less, and we now are going to see this same fiscal restraint and responsibility coming from Washington – the likes of which we haven't seen in a long, long time.

While this commonsense debt reduction measure is now headed to the President’s desk to be passed into law, it’s just one step on the road to restoring fiscal solvency for our country. 

We must remain committed to fixing our fiscal problems, strengthening the economy, and growing jobs.
 
Thanks again for listening.