WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) issued the following statement today after the Democrat-led Senate rejected the House-passed “Cut, Cap and Balance” legislation.
“In order to help create jobs and save our nation from bankruptcy, Washington must stop spending money it doesn’t have. That is the basis of the ‘Cut, Cap and Balance’ plan to avert a credit default and secure our fiscal future. Unfortunately, Democrats once again ducked their responsibility to the American people and failed to support this crucial bill.
“The House once again led the way and did its work. We are the only ones to pass a plan that solves the debt crisis and avoids any possible default. Senator Reid, if you don’t like our plan to deal with the debt crisis, where is your plan? Mr. President, if you don’t like our plan to deal with the debt crisis, where is your plan? More speeches and sound bites are not good enough.
“‘Cut, Cap, and Balance’ is more than a press release, it’s an actual plan. It immediately cuts spending to 2008 levels—who thought government was too small before President Obama became president? It ultimately caps spending at 20 percent of our economy, which is the post-World War II average. It balances the budget just like every family, small business, and a vast majority of states have to do. Most importantly, it accomplishes this without raising job-killing taxes on anyone.
“We simply cannot afford to kick the can down an empty road any longer. The American people have waited long enough. This is a time for action, and the Democrats need to act.”