WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) today issued the following statement on the passage of the Continuing Resolution (CR) for the remainder of fiscal year 2011.
"America is speeding down the road to bankruptcy and the only way to stop the descent and save our economic future is to slam the brakes on government spending. By passing the Continuing Resolution for fiscal year 2011 today, the House passed the largest spending cut in Congress since the end of World War II and demonstrated the kind of leadership that will end America's spending-driven debt crisis and put the nation of the road to economic growth.
"It was two years ago this week that President Obama signed his 'Stimulus' package into law amidst promises by his administration that the trillion-dollar bill would revive our economy and keep unemployment below eight percent. Far from helping the American people, the Democrats' spending spree instead resulted in two consecutive trillion-dollar deficits, a record debt of $14 trillion, and 21 straight months of unemployment at 9 percent or higher – the longest such streak since the Great Depression.
"America's spending-driven debt crisis is not only crippling job creation today but also leaving our children and grandchildren a lower standard of living tomorrow. The bottom line is that Big Government spending was tried and Big Government spending failed. It is my sincere hope that President Obama understands this lesson as we move forward.
"Historic debt will only lead to historic tax increases which will in turn lead to even more lost jobs for Americans. That's why Republicans passed this historic CR that will save taxpayers more than $100 billion dollars compared to what the President had requested for this fiscal year. These savings are only a down payment on our long-term commitment to ensuring that Washington finally stops spending money that it does not have. That is the only way we can grow the economy and rescue America from the road to bankruptcy."