WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) today issued the following response to President Obama’s threat to veto Cut, Cap and Balance legislation the House is scheduled to vote on this week.
“I find it incredibly ironic that President Obama is one of the few Americans who think we don’t need a constitutional amendment ‘to do our jobs.’ The point of cutting up the credit cards in order to raise the debt ceiling isn’t to meet his tax and spend demands; it’s to force him to stop spending money we don’t have.
“Since he took office the national debt has increased by $3.7 trillion and here we are, days away from default, and the president still hasn’t given us a plan for how we’re going to tackle this spending-driven debt crisis.
“It took the U.S. from 1776 to 1992 to accumulate the same amount of debt that President Obama accumulated in two and a half years. This is a spending-driven debt crisis, and the solution must be to control spending, not to raise taxes.
“Thomas Jefferson regretted that an amendment to ensure we paid our bills each year was not included in our Constitution. There has never been a more urgent time than now. Our debt crisis is a legitimate threat to the future of our children and grandchildren, and extraordinary problems call for extraordinary action. America cannot afford to wait any longer.”