WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) issued the following statement today as he voted against the plan put forward by Senator Harry Reid to give the president his request of $2.4 trillion in a debt limit increase with no real controls on spending.
“Our national debt is nearly $14.3 trillion, almost more than our entire economy. The problem is not the debt ceiling: it’s the debt. Record unemployment and government spending is killing private sector growth and keeping job creators on the sidelines, and President Obama’s policies are making things worse.
“Senator Reid’s plan gives the president the largest debt ceiling increase in history to continue his spending binge through 2012, without making significant spending cuts or reforms. It doesn’t have the support of the House, and it may not even pass the Senate. House Republicans have offered multiple plans to tackle the debt crisis, control spending, and strengthen the economy, only to see these bills die in the U.S. Senate.
“We cannot afford to continue borrowing 42 cents on the dollar, much of it from the Chinese, and send the bill to our children and grandchildren. We have the opportunity right now to stop spending money we don’t have and to quit kicking the can down the proverbial road. That was the basis of Cut, Cap and Balance, and that is the basis of the House-passed Budget Control Act.
“The American people know the only balanced approach is a balanced budget. It is time for Senate Democrats and President Obama to finally support a plan that will seriously control spending and lead us to a balanced budget. If we want jobs and hope and opportunity, we are going to have to cut; we’re going to have to cap and, ultimately, we will have to balance the budget.”