Thompson Supports Budget Control Act, Calls on Senate to Pass Commonsense Approach to Debt Crisis

Jul 29, 2011

Washington, D.C. – Representative Glenn ‘GT’ Thompson tonight voted to support S. 627, the Budget Control Act. The measure passed the U.S. House of Representatives by a vote of 218-210. 

“Today the House took action on a solution to end this debt limit crisis.” said Thompson. “By reducing spending more than we increase the debt limit, the House bill restores fiscal discipline in Washington while protecting the integrity of the United States.”

The nation’s top credit rating agencies, including Moody’s and Standard & Poor’s, have indicated that failure to pass a debt limit increase and put forward a credible plan for debt reduction could result in a downgrade in America’s credit. In total, the Budget Control Act increases the statutory debt limit by as much as $2.5 trillion, following the enactment of $2.7 trillion in spending cuts and other deficit reduction measures.  

“If leaders in the Senate put aside politics and read this bill, they will find this a commonsense plan that changes the trajectory of federal spending so that America can meet its short and long-term fiscal obligations,” Thompson added. “It’s the height of irresponsibility for Washington to continue its political posturing, which will only cause more economic harm to our small businesses and families who are calling on us to act.”

America’s federal budget deficits have reached historically high and unsustainable levels since 2009 and spending is at its highest levels since 1945, with the national debt now totaling almost $14.4 trillion. On May 31, 2011, the House considered a "clean" debt limit bill that did not include corresponding debt reduction measures, which received overwhelming bipartisan opposition and failed to pass.  

The U.S. Treasury reached its statutory debt limit on May 16, 2011 and government officials predict the nation’s borrowing capacity will run out on August 2, 2011.

###